TWO non-executive directors at FTSE 250 housebuilder Vistry are reportedly set to quit following a row over a potentially huge new pay deal for the firm's chief executive.

According to a report in The Sunday Times, a group of US investors proposed a mammoth pay packet for chief executive Greg

Fitzgerald, which would have pegged the CEO's bonuses to the company's share price.

Under the proposal, if Fitzgerald achieved a share price rise from £7.26, where it was on Friday, to £18 within the next three years, he would be in line for £60m.

The proposal was rejected by the board, but US investors Inclusive Capital and Browning West are "adamant" that the proposals will get results, The Sunday Times reported.

The activist pressure has reportedly led to the chair of the board's remuneration committee, Nigel Keen, and another non-executive director, Katherine Innes-Ker, to head for the exit in protest.

Vistry declined to comment while Keen and Innes-Ker didn't immediately respond.

(c) 2023 City A.M., source Newspaper