Vistry\u2019s chief operating officer is to leave the company, days after the firm was forced to address \u201cconcerns\u201d over Greg Fitzgerald\u2019s dual positions as chair and chief executive.<\/p>\n
Earl Sibley \u2013 who joined the business in April 2015 \u2013 will leave Vistry at the end of 2024 after his role was removed from the company structure, the homebuilder said in a statement this morning (20 November).<\/p>\n
\u201cEarl has elected to leave the company due to the removal of his current role of COO,\u201d the statement said. Removing the role will \u201creduce the length of reporting lines and ensures closer proximity of the CEO to the business\u201d, it added.<\/p>\n
Sibley (pictured) has already stepped down as a director with immediate effect and \u201cwill support a seamless and orderly transition of his responsibilities\u201d, the firm said.<\/p>\n
Two days before the announcement of Sibley\u2019s departure, Vistry addressed concerns about Greg Fitzgerald\u2019s reappointment as CEO in the firm’s May AGM, when he was made executive chairman as well.<\/p>\n
The move proved unpopular, with more than a fifth of shareholders voting against his reelection at the AGM.<\/p>\n
\u201cThe Board understands that the primary concerns from some shareholders was in relation to the combination of the role of the CEO and Chair, which was a departure from the UK Corporate Governance Code,\u201d Vistry stated on 18 November.<\/p>\n
The firm added that it recognised \u201cthe importance of maintaining independent oversight in board leadership positions\u201d \u2013 and had elected Met Office chair Rob Woodward as a senior independent director to \u201cprovide additional oversight on governance matters\u201d.<\/p>\n
The Financial Reporting Council\u2019s Corporate Governance Code applies to London Stock Exchange-listed companies such as Vistry. The code, revised in January this year, states: \u201cA chief executive should not become chair of the same company.\u201d<\/p>\n
In response to Sibley\u2019s departure, Fitzgerald said he had been \u201can integral part of our operational and executive team\u201d.<\/p>\n
\u201cHis leadership and contribution have been significant in helping to establish Vistry as a leading housebuilding and partnerships business,\u201d he added, saying that they had worked together since Fitzgerald joined Bovis Homes in 2017.<\/p>\n
Bovis Homes and Linden Homes merged in 2020 to form Vistry<\/a>.<\/p>\n By noon on Wednesday, Vistry\u2019s share price had fallen by 6.5 per cent to 627p. Over the last six months, its share value has fallen by 52 per cent.<\/p>\n Earlier this month, the firm reduced its profit forecast for the second time this<\/a> year, blaming \u201cunderstated costs\u201d on 18 sites in the south of England. Overall, it has decreased its forecast profit by \u00a3165m for the next three years.<\/p>\n In response to the combination of Fitzgerald’s role as CEO and chair<\/a>, analysts said it would “probably be forgiven” if he delivered financially on the deal to buy Countryside<\/a>, which was confirmed in 2022.<\/p>\n","protected":false},"excerpt":{"rendered":" Vistry\u2019s chief operating officer is to leave the company, days after the firm was forced to address \u201cconcerns\u201d over Greg Fitzgerald\u2019s dual positions as chair and chief executive. Earl Sibley \u2013 who joined the business in April 2015 \u2013 will leave Vistry at the end of 2024 after his role was removed from the company …<\/p>\n","protected":false},"author":90643,"featured_media":509821,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false},"categories":[552,2167],"tags":[],"yoast_head":"\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n