Vistry Shares Slip After COO Announces Departure

Dow Jones11-20 21:42

By Michael Susin

Vistry Group shares fell on Wednesday to the bottom of the FTSE 100 index after the group said its chief operating officer will leave as it reduced the number of seats on the board.

Shares were down 7.3% at 621 pence, sliding back to the same levels seen in the beginning of 2023, with Wednesday's inflation data and interest rate cut pushbacks also weighing on the stock.

The house builder said COO Earl Sibley will leave the business at the end of the year due to the abolition of his position after nearly 10 years in the role. Sibley will also step down as a director of the London-listed company with immediate effect, it said.

"This change reduces the length of reporting lines and ensures closer proximity of the chief executive to the business," the company said.

This follows a major change to the board, which includes Gregory Fitzgerald assuming both roles of chief executive and chair.

Vistry's share price has more than halved over the past two months, during which time it also issued two consecutive profit warnings.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

November 20, 2024 08:42 ET (13:42 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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