UK homebuilder Vistry installs new CEO as pressure mounts on strategy

Mon, 13th Apr 2026 08:42

* Adam Daniels named CEO as Greg Fitzgerald exits both CEO and ⁠chair roles immediately

* Daniels says focus remains on cash generation, Open Market sales and inventory reduction

* Leadership change comes amid margin pressures, weak demand and regulatory challenges (Adds background and details ‌on leadership change throughout, shares in paragraph 3)

April 13 (Reuters) - British homebuilder Vistry brought forward a leadership change on ⁠Monday, appointing divisional head Adam Daniels as chief executive with ⁠immediate effect, as the company contends with margin pressure, weak demand and investor scepticism over its strategy.

Greg Fitzgerald, who had led the group for nine years and was due to step aside as chair in May while remaining CEO for up to a ‌year, will leave both roles immediately by mutual agreement, the company said.

Vistry shares fell nearly 5% in early trading.

The abrupt transition follows a tough period for the builder, which warned last month that profit margins would remain under pressure into 2026 as higher costs, planning delays and subdued demand continue to weigh on the UK housing market.

Daniels, a 17-year industry veteran, who started his housebuilding ‌career at Bloor Homes in 2009, has held various leadership roles at Vistry and is credited by the company with having strong working ‌relationships with some of the largest local authorities and housing associations nationwide.

He joined Countryside Partnerships in 2016 before Vistry acquired it in 2022, and was serving as Vistry's executive chair of its Yorkshire, North Midlands and West divisions.

Rob Woodward will also take up his new role as non-executive chair immediately rather than ‌the planned May start date, the builder said.

PLANS TO IMPROVE PERFORMANCE UNCHANGED

Daniels said the company's priorities on improving cash generation, driving Open Market sales and reducing inventory levels would remain unchanged.

"These objectives remain an ⁠absolute priority ⁠for Tim (CFO) and I during 2026 to ensure the business is ‌well positioned to capture the opportunities ahead", he said in a statement.

Vistry's shares have fallen sharply since its March 4 warning of lower margins, with the company struggling to execute Fitzgerald's bold shift toward partner-funded developments during ‌his nine-year tenure.

The Iran war has pushed up building costs and risk keeping interest rates higher for longer, prompting rivals Taylor Wimpey and Bellway to also issue similar margin warnings. (Reporting by Raechel Thankam Job in Bengaluru; Editing by Sumana Nandy and Louise Heavens)