Earl Sibley will leave housebuilder next month after nine years at business

Vistry鈥檚 chief operating officer is leaving the company at the end of next month as his role is being axed as part of the firm鈥檚 response to its problems with underestimated build costs.

Earl Sibley, who has worked for Vistry since 2015, has also stepped down as a director of the 拢4bn-turnover housebuilder with immediate effect.

In a trading update today, Vistry said the removal of the COO role 鈥渞educes the length of reporting lines鈥� and ensures 鈥渃loser proximity鈥� of chief executive Greg Fitzgerald to the business.

earl-sibley

COO Earl Sibley goes next month as the role is axed, Vistry said

The move follows a difficult few weeks for the housebuilder in which it has issued two profit warnings.

Underestimated build costs have led to by 拢165m over three years.

The group said last month it is reviewing organisation changes including 鈥渃onsidering new appointments, 鈥渋mproving transparency鈥� and 鈥渆nhancing management capability鈥�. It said it would look to shorten reporting lines and ensure Fitzgerald is closer to the business.

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Vistry to alleviate their concerns after one in five revolted against the re-election of Fitzgerald as director of the company in May.

In May, the housebuilder made Fitzgerald executive chair of the business in addition to chief executive, in a departure from the UK Corporate Governance Code.

This combined role for Fitzgerald is the 鈥減rimary concern鈥� of the shareholders who voted against his reappointment, the housebuilder said.

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