TIDMVTY

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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END

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April 27, 2022 02:01 ET (06:01 GMT)

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