Housebuilder Vistry has promoted Adam Daniels to the top post a month after announcing the retirement of former boss Greg Fitzgerald.
Mr Daniels is currently executive chairman of one of Vistry’s two largest operating divisions.
The group said Rob Woodward – the former chief executive of Scottish broadcaster STV Group – would also become non-executive chairman with immediate effect.
But shares in the housebuilding giant fell 4% in morning trading on Monday as the news took investors by surprise, with Vistry previously saying it could take until March 2027 to appoint a new boss.
The group said last month that Mr Fitzgerald was retiring and that it was splitting his executive chairman role.
Vistry said Mr Fitzgerald would step down with immediate effect “by mutual agreement”.
Mr Woodward said: “Adam is a proven leader, clear thinker and strong operator.”
“The board is confident that Adam’s collaborative, values-led approach will leverage Vistry’s unique partnerships capabilities, resources and highly talented people to deliver on the group’s clear potential,” he said.
Mr Daniels said: “As outlined at the time of our 2025 results last month, the group is currently focused on improving cash generation, driving open market sales and reducing inventory levels.
“These objectives remain an absolute priority for (chief financial officer) Tim (Lawlor) and I during 2026 to ensure the business is well-positioned to capture the opportunities ahead.”
Mr Daniels joined Countryside Partnerships in 2016 before taking on his first senior leadership role in 2019.
Since then, he has held a variety of leadership roles with responsibility for large areas of the Vistry business across the UK.
He previously worked at Galliford Try Partnerships and Bloor Homes.
Read More‘Far beyond sport’: Cyclist Mark Beaumont marks 20 years of charity work
Reform UK ‘in it to win it’ at Holyrood election, leader Lord Offord declares
Offord is a ‘chancer’, says Greer in first televised debate of Scottish election
It is for independence supporters to set out referendum route – Sarwar
Domino’s unveils new premium pizza range to take on restaurant rivals
Cost of crude oil races higher as Donald Trump pledges to block Iranian ports