Vistry Group has abolished the role of chief operating officer, explaining that it wants to reduce the length of reporting lines between senior managers and Greg Fitzgerald, who is both executive chairman and chief executive.
With his position now redundant, Earl Sibley has chosen to leave the business. He has stepped down as a director with immediate effect and ceases to be an employee on 31st December 2024.
Sibley, aged 52, has been with the business since April 2015 and was previously finance director.
Vistry has lost 50% of its market value in the past six weeks after revealing that costing errors on nine developments of its South division were out by £165m. There has been much press speculation about whether Greg Fitzgerald could or should hang on to both of his jobs in the boardroom.
Greg Fitzgerald said: "Earl has been an integral part of our operational and executive team and his leadership and contribution have been significant in helping to establish Vistry as a leading housebuilding and partnerships business. Having worked with Earl since I joined Bovis in 2017, I am very grateful for his dedication, support and hard work during his time with us. I would like to take this opportunity to thank him, on behalf of the board and colleagues across Vistry, for his commitment and contribution during his time here. He will leave with our best wishes for the future."
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