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Highlights:
Vistry's Chief Operating Officer, Earl Sibley, to leave the company after his role is removed from the structure.
Concerns raised over Greg Fitzgerald's dual roles as CEO and Chair, with a shareholder vote against his reappointment.
Vistry’s share price has dropped significantly following the announcement of the COO's departure and a revised profit forecast.
Vistry Group (LSE:VTY) has confirmed that Earl Sibley, the company’s Chief Operating Officer (COO), will be leaving the business at the end of 2024. This decision follows the removal of his position within the company structure. Sibley, who has been with Vistry since April 2015, will step down as a director with immediate effect, but will assist in the transition of his responsibilities to ensure a smooth handover.
The company stated that the elimination of the COO role is part of a strategy to streamline operations and reduce reporting lines, allowing for closer proximity between the CEO and the business. This move follows significant scrutiny of Vistry’s leadership structure, particularly regarding Greg Fitzgerald’s dual roles as both CEO and Chair, which some shareholders felt conflicted with best practices outlined in the UK Corporate Governance Code.
Two days prior to Sibley’s departure announcement, Vistry addressed shareholder concerns regarding Fitzgerald's reappointment as CEO and his role as executive chair. This dual role was controversial, with over 20% of shareholders voting against Fitzgerald’s re-election during the company's annual general meeting (AGM) in May. Vistry acknowledged the concerns and responded by appointing Rob Woodward, Chair of the Met Office, as senior independent director to provide enhanced governance oversight.
Vistry's recent leadership changes and governance concerns have affected investor confidence, with the company's share price dropping by 6.5% by mid-day following the COO's announcement. Over the last six months, Vistry’s share price has declined by over 50%, and the company recently revised its profit forecast downward by £165 million due to unforeseen costs at several sites in southern England.
Further updates on Vistry’s governance and financial performance are anticipated as the company continues to navigate these challenges.
