Barratt Redrow CEO Thomas announces retirement, Ventia chief named as successor

Wed, 04th Mar 2026 08:23

* Ventia CEO Dean Banks named as new Barratt chief, ⁠to join in late 2026

* David Thomas to stay until 2027 for smooth transition to Banks

* Barratt Redrew CFO had departed in November 2025 (Adds analyst ‌comment in paragraph 8, details and background throughout)

March 4 (Reuters) - Barratt ⁠Redrow said on Wednesday it had appointed Ventia CEO ⁠Dean Banks as its new chief executive, with David Thomas to retire after more than a decade at the helm of the UK's largest homebuilder.

Thomas will stay through March 2027 to ensure a smooth handover ‌when Banks joins in the final quarter of 2026, the company said.

The leadership change comes as UK homebuilders navigate uncertain market conditions amid elevated mortgage rates and weaker consumer confidence, making a stable transition critical for maintaining investor confidence.

Thomas, 63 and CEO since 2015, oversaw the completion of Barratt's combination with Redrow and ‌guided the group through the final stage of integrating the two businesses.

Banks led Ventia's public listing and helped it ‌become one of the major infrastructure services providers in Australia and New Zealand.

He has more than 15 years of senior executive experience at global businesses, including Balfour Beatty and De La Rue.

INVESTORS WARY OF FURTHER MANAGEMENT CHANGES

Barratt's finance chief, Mike Scott, exited the firm abruptly ‌in November 2025, with Micheal Passmore joining the group as interim deputy CFO.

"We believe investors are unlikely to welcome further management change, especially at a time when ⁠the company ⁠is operating without a CFO and it has not ‌yet identified a permanent replacement," JPMorgan analysts said in a note.

Barratt cut its interim dividend and posted lower first-half profits in February, after higher costs squeezed the housebuilder's margins.

Peer Vistry ‌also said on Wednesday that CEO and Chair Greg Fitzgerald will step down after nearly nine years with the homebuilder. (Reporting by Nithyashree R B and Yamini Kalia in Bengaluru; Editing by Sumana Nandy and Subhranshu Sahu)