UK's Vistry appoints Severn Trent finance head Helen Miles as CFO

Vistry Appoints Severn Trent’s Helen Miles as Chief Financial Officer

Key Details of the CFO Appointment and Company Developments

Oct 27 (Reuters) - Vistry on Tuesday named Severn Trent's Helen Miles as the British homebuilder's next finance head.

Miles will succeed interim finance chief Robert Allen next year. 

Appointment Timeline and Leadership Changes

Here are some details:

Interim CFO Appointment

• Vistry named Allen, most recently CFO of the Crown Estate, as interim finance head on Tuesday

Helen Miles' Transition

• Separately, Severn Trent said that Miles would remain in her role at the company throughout her 12-month notice period

Helen Miles' Professional Background

• Miles earlier served as CFO for emergency repairs firm HomeServe and BT Group's broadband provider Openreach

Reason for CFO Change

• The change in personnel at Vistry was necessitated following the retirement of former CFO Tim Lawlor announced in July

Company Performance and Strategic Initiatives

Stock Market Reaction

• Shares of the company were up 3.8% in early trading

Business Overhaul and Financial Strategy

• Vistry is currently undergoing a major overhaul to trim its business, as it grapples with persistently slow demand, mounting debt and elevated costs due to the Iran war

Interim CFO Allen's Previous Experience

• Interim CFO Allen earlier led the finance departments at Intu Properties and London-listed homebuilder Crest Nicholson

Debt Reduction Goals

• The group said in its half-year results in September that it was targeting average daily net debt reduction to about £500 million in fiscal 2027

Reporting Credits

(Reporting by Simone Lobo in Bengaluru; Editing by Rashmi Aich)