Steve Morgan is to retire from the board of Redrow at the end of March 2019. He will be succeeded as chairman by chief executive John Tutte.
Morgan founded the housebuilder in 1974 and floated the 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.
Matthew Pratt, regional chief executive of Redrow’s southern businesses, will be appointed chief operating officer and will join the board at the end of March 2019.
Morgan said: “I have worked closely with John over the last 10 years and believe that his appointment will ensure the stability and continuity so important to a business like Redrow.
“By the end of March 2019 it will be exactly 10 years since I returned to the group and I am proud of what has been achieved over this time.
“Since I founded Redrow in 1974 we have had many important milestones. Just two weeks ago we completed our 100,000th Redrow home and 2018 will see us complete 6,000 homes in a calendar year for the first time – both significant milestones for Redrow and for me on a personal level.
“We have built an exceptional team at Redrow with strong succession plans in place across all our key disciplines.
“As a major shareholder I will look forward to watching the continued progress of the business under John’s leadership.”
Tutte added: “Steve has made a huge contribution to the industry over many years and his leadership since he returned to Redrow in 2009 has been immense. We wish him every happiness for the future”.
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