According to an RNS, he is leaving the business with immediate effect.

The housebuilder has justified the removal of the role as reducing the length of reporting lines and ensures closer proximity of the CEO, Greg Fitzgerald, to the business.

In 2023, Earl was the second highest paid executive at the housebuilder. According to the company’s annual report and accounts he received total pay of £1,576,000 last year. This included a bonus of £444,000.

Greg received total remuneration of £3,172,000 over the same period. The next highest paid executive was chief financial officer Tim Lawlor with total remuneration of £950,000.

This period was a successful one for the housebuilder, which in 2023 reported an adjusted pre-tax profit of £419m, adjusted revenue of over £4bn and completed 16,118 homes.

"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 Greg, in the RNS announcing the removal of the COO role and Earl’s departure.

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“Having worked with Earl since I joined Bovis in 2017, I am very grateful for his dedication, support and hard work during his time with us,” added Greg. “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. He will leave with our best wishes for the future."

Prior to joining Vistry in 2020, Earl was group finance director at Bovis Homes. He was also a regional finance director at Barratt Developments, beginning his career at EY.

This is the latest in an ongoing corporate restructure of Vistry. Earlier this week, Greg was re-elected to CEO and his role was combined with chair.

In recognising “concerns from some shareholders” about the impact this change would have on oversight for the board, Rob Woodward was appointed to the board as a senior independent director.

In addition, an external board evaluation was carried out to this role combination and which will be included in the 2024 annual report for the firm.

In Vistry’s 2024 AGM, held in May this year, Greg’s re-election was voted in favour by 79% of shareholders. Earl’s re-election by shareholders received 99% support.

When asked by Development Finance Today, a spokesperson for Vistry said there were no other reasons for the removal of the COO role than what was stated in the RNS.