IN BRIEF: Barratt sets September start for CEO amid Phoenix pressure
Barratt Redrow PLC - Leicestershire, England-based house builder - Confirms that Dean Banks will join Barratt as its new chief executive on September 21. Barratt had announced Banks’s hiring back in March but at the time said only he would start in the fourth quarter. Banks joins from Ventia Pty Ltd, a Sydney-based and listed provider of infrastructure services in Australia and New Zealand where he has been chief executive since 2021. Prior to Ventia, Banks worked for construction firm Balfour Beatty PLC and security documents printer De La Rue PLC, and he now will return to the UK.
Banks is replacing David Thomas, who leaves after 11 years at the helm and 17 with Barratt. Thomas will remain CEO until Banks joins and will remain with the company until March 2027 to allow for a transition.
Banks joins amid shareholder pressure on Barratt. Following its acquisition of smaller peer Redrow in 2024, Barratt has suffered a ‘challenging period’ for business, it has said, prompting a cut to its interim dividend earlier this year. On Wednesday this week, Phoenix Asset Management Partners, a major shareholder, called on the company to materially increase its share buybacks to create value for long-term shareholders.
Current Barratt stock price: 297.40 pence, up 1.2% in London on Friday
12-month change: down 36%
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