Morgan announces Redrow departure
The founder of the Deeside-headquartered housebuilder Steve Morgan will retire from the company in March 2019, with current chief executive John Tutte due to step up to the role of executive chairman.
Morgan will retire around 10 years after he returned to the company, having previously left the business in 2000 following its float on the London Stock Exchange. Redrow was founded by Morgan in 1974.
Tutte will succeed him in the role of executive chairman, while Matthew Pratt, who is currently regional chief executive of Redrow’s southern business, will become chief operating officer.
Morgan said: “I am delighted that John has accepted the invitation to succeed me as chairman. 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. John Tutte has been an outstanding chief executive officer of the business over recent years and is the ideal successor to me as chairman. Matthew Pratt who has progressed through the ranks over the past 16 years, is an excellent appointment in the role of chief operating officer.
“As a major shareholder I will look forward to watching the continued progress of the business under John’s leadership.”
Today, the business said it had traded in line with expectations for the first 18 weeks of the year. Average selling prices rose 4.6% to £388,000, while the group’s net cash position stood at £132m.
The group said it welcomed the extension of Help to Buy, announced in the Chancellor’s Budget last week, but urged the Government “to review the regional price caps that markedly disadvantage the North and Midlands in favour of the South of England”.