Pete Redfern is stepping down as Taylor Wimpey chief executive after more than 14 years in the job.
He will leave only once a successor is appointed. In the meantime, he will continue as chief executive and remain on the board to help smooth the transition.
The board said that it had “a robust succession plan in place and the recruitment process is advanced, with a selection process considering both internal and external candidates”.
Pete Redfern has been chief executive of Taylor Wimpey since 2007 and was chief executive of George Wimpey before that, yet he is still only 51 years old. A maths graduate and an accountant, his first job in the construction industry was as finance director of Rugby Cement in the late 1990s.
Since the dog days of 2009, when Taylor Wimpey made a pre-tax loss of £699.9m, followed by a loss of £71.3m in 2010, Pete Redfern has led the company to vast profits. In the past 10 years Taylor Wimpey has made more than £5bn in pre-tax profits – £5,077.8m to be precise.
Chairman Irene Dorner said: “Pete has made an invaluable contribution to the business during his almost 15 years as CEO, including having successfully led the company through a global financial crisis and the recent pandemic. Pete has led a management team which has overseen the transformation of Taylor Wimpey into one of the largest housebuilders in the UK, with an industry leading landbank, a strong financial position and a clear and deliverable strategy for profitable growth. In addition, Pete will leave the business with a strong and differentiated culture he can be proud of creating.”
Pete Redfern himself said: “It has been a privilege to work at Taylor Wimpey for the last two decades and to lead a business of which I am so proud, working with so many exceptional people both within the business and through our partnerships. The business is in excellent health and is well positioned for strong future growth. Accordingly, I am confident that now is the right time for fresh leadership as Taylor Wimpey starts the next chapter.”