Vistry Group PLC Resignation of Chief Operating Officer (4435J)
27 Abril 2022 - 01:01AM
UK Regulatory
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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