When Vistry Group chair Ralph Findlay steps down on 16th May 2024 after nine years of service, chief executive Greg Fitzgerald will become both executive chair & chief executive officer of the company.
The board has decided that any risks associated with combining the two roles are outweighed by the benefits of allowing Fitzgerald to tighten his grip on the business he joined in 2017 from Galliford Try. Vistry was then just Bovis Homes. At Fitzgerald's instigation, in 2019 it acquired Galliford Try’s house-building businesses and became Vistry.
In its statement, Vistry said: “Greg's appointment will ensure continuity and maintain momentum in the execution of the group's strategy and delivery of the medium-term targets announced in 2023.”
He will not be paid any more than he already is, however.
Ralph Findlay said: "I am delighted that Greg has accepted the board's request to succeed me as chairman. With unparalleled experience and success in our industry and the full support of our largest shareholders, there is nobody better placed than Greg to oversee the execution of our new strategy. Greg's appointment, supported by a strong Senior independent director, will allow for a smooth handover without disruption to the business and ensures Greg's commitment to oversee the delivery of our medium-term targets."
In other boardroom changes at Vistry, Jeff Ubben has stepped down as a non-executive director with immediate effect after just 10 months.
Chris Browne, a non-executive director since 2014, has also informed the board that she will step down at the close of the annual general meeting in May.
Joining the board today is Usman Nabi, managing partner and chief investment officer of Browning West, the US investment firm that is currently Vistry’s largest shareholder (8.5%).
The board is now seeking a new senior independent director to fill the hole left by Ralph Findlay and up to two other non-executive directors.
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