Barratt Redrow Plc and Vistry Group Plc, Britain's largest housebuilders, announced CEO retirements as the sector struggles through its deepest slowdown since the 2008 financial crisis. Barratt Chief Executive Officer David Thomas, who led the company for 11 years, will step down after slashing the development pipeline when interest rates surged in 2022. He will be succeeded by Dean Banks, currently CEO of Ventia Pty Ltd. Separately, Vistry's long-time chief Greg Fitzgerald, who shaped the group through acquisitions including Bovis and Countryside, will retire by March 2027.

Fitzgerald established Vistry's housebuilding arm while running Galliford Try before spinning it off. Both exits occur as housebuilders face weak demand and high borrowing costs. Thomas's departure follows Barratt's 2022 acquisition of Redrow to create the UK's largest homebuilder.

Fitzgerald's retirement marks the end of an era for Vistry, which he built through turbulent years including profit warnings. The industry remains under pressure with mortgage data showing persistent weakness.