Shares in Vistry Group PLC (LSE:VTY) fell to a new 12-month low after announcing that its operations chief is leaving the business as it rejigs the board after its embarrassing double profit warning due to cost overruns.
The FTSE 100-listed builder said Earl Sibley is stepping down from the board with immediate effect and will get his P45 at the end of the year, after almost a decade with the business.
After the board decided to get rid of the role of chief operating officer, Sibley elected to leave, the company said.
Executive chair Greg Fitzgerald, who also holds the CEO role, supplied several appreciative quotes alongside the statement, which suggested the company was not blaming Sibley directly for the cost overruns issue.
The removal of the COO role "reduces the length of reporting lines and ensures closer proximity of the CEO to the business", Vistry said.
"Earl has been an integral part of our operational and executive team and his leadership and contribution have been significant in helping to establish Vistry as a leading housebuilding and partnerships business," said Fitzgerald.
"I am very grateful for his dedication, support and hard work during his time with us. 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."
Shares in Vistry fell 3.8% to 645p on Wednesday morning, down 33% over the past month, and the lowest point since July last year.