Redrow founder Steve Morgan to retire 10 years after return
Steve Morgan is retiring from Redrow at the end of March next year, 10 years after he returned to the business he founded.
Group chief executive John Tutte will succeed Morgan as executive chairman.
Morgan founded the company in 1974 and departed for the first time in 2000 after Redrow was floated on the London Stock Exchange before returning in 2009 as part of a boardroom coup.
He said: “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."
Matthew Pratt is due to take over as chief operating officer, having served as regional chief executive of Redrow’s southern business.
Tutte said: “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.”