BRIEF: Barratt sets September start for CEO amid Phoenix pressure

Barratt Redrow has set September 21 as the start date for its new chief executive, Dean Banks, as the company faces continued pressure from major investors. The UK housebuilder said Banks will join from Ventia Pty Ltd, where he has served as chief executive since 2021, and will replace David Thomas. Thomas will remain CEO until Banks starts and will stay with Barratt until March 2027 to support the transition. Barratt’s earlier announcement in March had indicated Banks would begin in the fourth quarter. The move comes after Barratt’s 2024 acquisition of Redrow, which it described as a challenging period, and it cut its interim dividend earlier this year. Phoenix Asset Management Partners, a major shareholder, called this week for materially higher share buybacks to create value for long-term holders. Barratt shares were at 297.40 pence, up 1.2% in London, with a 12-month decline of 36%.