Steve Morgan is to step down as executive chairman of Redrow and take a non-executive role.
Morgan made the announcement as the housebuilder released its annual results to June, which saw revenue rise 20% to £1.66bn.
Morgan founded Redrow in 1974, and floated it on the London Stock Exchange in 1994. He stepped down as chairman in 2000, before reassuming the role in 2009 in the wake of the financial crisis. He was also owner of Wolverhampton Wanderers football club between 2007 and 2016, when he sold it to Fosun International.
Morgan said: “Eight years after returning to Redrow, I have decided to ease back from a full0time executive role towards a non-executive role; the transition is to take place during the current financial year.
“It is my intention to continue to focus with the board on the strategic development of the business and I will retain my keen involvement with the product and key important projects.”
The results show completions rose by 15% to 5,416 and average selling price by 7% to £309,800. Pre-tax profit rose 26% to £315m.
Despite the housebuilder adding 5,419 plots to its land bank, group chief executive John Tutte said improvements in planning following the introduction of the National Planning Policy Framework in 2012 had stalled as local authorities failed to get their local plans in place.
He said: “Aside from the short-term risk of political and economic uncertainty, there are key issues that need to be addressed by government to support future growth, in particular the status of EU workers, the future for Help to Buy and the need to revitalise stalled planning reforms.”
Morgan however said that despite overall housing transactions reducing due to political uncertainty and stamp duty, the new homes market remained robust.
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