REG - Vistry Group PLC - Resignation of Chief Operating Officer

VistryAnnouncement

27/04/2022 07:16

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RNS Number : 4435J  Vistry Group PLC  27 April 2022

27 April 2022

Vistry Group PLC ("the Company")

Resignation of Chief Operating Officer Graham Prothero

 

 

Vistry Group PLC ("Vistry" or the "Company") announces that Graham Prothero
has resigned as Chief Operating Officer and as a Director of the Company with
effect from 31 December 2022, to take up the position of CEO at MJ Gleeson PLC
("Gleeson").

 

Graham will remain focused on the delivery of the Company's performance for
2022 and during Q4 shall ensure the effective transition of his
responsibilities.

 

The Company shall not be appointing a new COO and with effect from October
Graham's responsibilities shall be distributed amongst members of the
Executive Leadership Team.

 

Greg Fitzgerald, Chief Executive Officer of Vistry, said:

 

"Graham has been a valued colleague at Vistry since joining the group in 2020
on the acquisition of Linden Homes, Drew Smith and Partnerships from Galliford
Try which has been an important period of transformation for the Company. 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 and the central role he has played in creating 'One Vistry'. He will
leave with our best wishes for his future career."

 

Graham Prothero, Chief Operating Officer of Vistry, said:

 

"I am very proud of what we have achieved as Vistry since the acquisition, but
the time is now right for me to take up the opportunity of being a CEO, and I
am hugely excited to join Gleeson. I wish Greg and the rest of Vistry all the
best for the future. The business is performing strongly and has great
potential."

 

Enquiries:

 

Vistry Group PLC

Earl Sibley, Chief Financial
Officer                                                    01675
437160

 

Powerscourt

Justin Griffiths, Nick Dibden, Victoria Heslop
           020 7250 1446

                                                                                                                vistry@powerscourt-group.com

 

 

 

Notes:

 

This announcement is made pursuant to Listing Rule 9.6.11.

 

In accordance with section 430(2B) of the Companies Act 2006, there are no
remuneration payments made or to be made to Graham Prothero as part of his
departure from the Company. During his notice period to 31 December 2022,
Graham will receive his salary and contractual benefits in accordance with his
service agreement. He will be allowed to receive an annual bonus for 2022 up
to a maximum of 150% of annual salary subject to the level of achievement of
the performance metrics, which shall be paid at the normal time in March 2023
as to two thirds in cash and one third as a share award under the Deferred
Bonus Plan. His share award under the Long-Term Incentive Plan made in 2020
will be allowed to vest subject to the level of achievement of performance
metrics and also subject to a further two-year holding period. He shall also
retain his deferred bonus shares with respect to his annual bonus for 2020
which shall be released to him in 2023, and his share award under the Deferred
Bonus Plan with respect to his annual bonus for 2021 which shall vest in 2024.
When he steps down as Chief Operating Officer, he will forfeit the outstanding
share awards under the Long-Term Incentive Plan granted in 2021 and 2022. He
will no longer be eligible for any further awards under the Vistry Deferred
Bonus Plan or Long-Term Incentive Plan. The relevant details will be included
in the Directors' Remuneration Report in the Company's 2022 Annual Report and
Accounts.

 

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