Bosses at housebuilders Barratt Redrow and Vistry set to retire

Barratt Redrow and Vistry have both revealed that their long-standing bosses will retire from the UK housebuilding firms.

Leicestershire-based Barratt Redrow said on Wednesday that David Thomas is set to step down as chief executive of the company after 11 years.

Mr Thomas, who has been at the business 17 years in total, said he will continue to run Barratt Redrow until the final quarter of 2026, when he is set to be replaced by former Balfour Beatty executive Dean Banks.

Mr Banks will join the company from Australian firm Ventia, where he has served as group chief executive since 2021.

The Barratt Redrow board said the next boss was recognised as the best candidate to lead the firm “through its next phase of growth and deliver its strategy with discipline and focus”.

Caroline Silver, group chair, said: “The board is delighted to appoint Dean Banks as chief executive of Barratt Redrow.

“He brings strong experience as a public company chief executive, with deep knowledge of the construction and infrastructure sectors and a proven track record of value creation.

“I would also like to thank David Thomas for his outstanding leadership and dedication to Barratt Redrow over many years.

“He will leave behind an industry-leading business with a clear strategy, a strong balance sheet and an exceptional team.”

Separately, competitor Vistry announced that its executive chair and chief executive Greg Fitzgerald is to retire.

The boss said his tenure will end at its annual general meeting in May. Mr Fitzgerald will then continue to lead the business for up to 12 months or until his successor is named.

Vistry said it launched a search process for his replacement, with the group’s board set to move forward with a chief executive succession plan.

Mr Fitzgerald said: “It has been a privilege to work with such dedicated colleagues to transform the business to become the leading provider of affordable, mixed tenure housing in the country.

“It is an exciting time for Vistry as it focuses on addressing the chronic affordable housing shortage.”

The announcement came as Vistry also reported a drop in revenues for the past year in the face of challenges in the housing market.

Revenues fell by 4% to £4.16 billion for 2025, the company said.

It said this was linked to a 9% decrease in competition to 15,658 units over the year, as it also highlighted uncertainty following the November budget, which it said delayed the timing of some partner funded deals.

Nevertheless, it said pre-tax profits jumped by 87% to £196.2 million for the year.