Berkeley’s two new executive directors have, between them, 45 years’ experience with the company.
Justin Tibaldi joined Berkeley in 1999 as a senior surveyor and has held board positions as commercial and production director in the London divisions for a number of years. Since 2011 he has been managing director of Berkeley Homes (Capital).
Paul Vallone joined Berkeley in 1990. He runs sales & marketing, is chairman of Berkeley's international office network and managing director of Berkeley Homes (Central and West London).
Each will get a basic annual salary of £355,000 with a maximum bonus opportunity of £710,000 on top plus share option incentives. They will each be subject to an annual remuneration cap of £2.4m.
Chairman Tony Pidgley said: "Both Justin and Paul thoroughly deserve this promotion to the main board, having successfully led significant parts of Berkeley's business for a number of years. They have complementary skills to the existing Board members and fully exhibit Berkeley's vision and values. The appointments demonstrate excellent internal development in line with Berkeley's philosophy and I am delighted to welcome them to the board."
Berkeley has also recruited Rachel Downey to its board as a non-executive director. She is a project director of Manchester Life, a joint venture between Abu Dhabi United Group and Manchester City Council.