Steve Morgan’s retirement brings to an end his second stint at the company he founded in 1974.
He first stepped aside in 2000 after floating the company on the London Stock Exchange but came back in 2009 in a boardroom coup. Ten years on, a the aged of 66, he is leaving again.
He will be succeeded as executive chairman by John Tutte, Redrow’s current group chief executive.
Matthew Pratt, 43, will become chief operating officer and join the board at the end of March 2019. Mr Pratt has already been with Redrow for 16 years and is currently regional chief executive of Redrow’s Southern businesses as well as a member of the group executive board.
Steve 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 CEO 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.”
John Tutte added: “The board is very grateful to Steve for his inspired leadership of Redrow since he founded the group in 1974, a period in which the group has changed much and grown substantially. 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”.