Our founder and Chairman, Steve Morgan, has announced he will retire from the Board at the end of March 2019, virtually 10 years to the day since he returned to the business on 30 March 2009.
He will be succeeded as Executive Chairman by John Tutte, our current Group Chief Executive.
Matthew Pratt, 43, will be appointed Chief Operating Officer and will join the Board at the end of March 2019. Matthew has been with Redrow for 16 years and is currently the Regional CEO of our Southern businesses and a member of the Group Executive Board.
Steve 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 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”.
The news comes shortly after we handed over our 100,000th home since Steve founded the company in 1974.
Providing homes for around 300,000 people, the equivalent to cities such as Nottingham and Newcastle, Redrow has experienced all types of political and economic conditions over the last 44 years. During this time we have seen twelve UK general elections; eleven UK referendums and four recessions.
Steve said, “Throughout the political and economic ups and downs of the last 44 years, I am very proud that Redrow, from a £5,000 loan in 1974, has built 100,000 homes; housing the equivalent population of a major city like Nottingham or Newcastle.
“Redrow has taken the lead in designing great places to live as one of the early pioneers of Garden Villages, whilst creating quality homes inspired by the arts & crafts movement.
“Looking forward to our next 100,000 homes, a key part of Redrow’s vision remains inspiring the next generation to build. One of the most rewarding aspects of our industry is being able to train a young person – from any background – and see them flourish with a skill for life.
“We take as much pride in the jobs we have created and the young people we have trained, many of whom have gone on to become Senior Directors in the business, as in the number of homes we have provided.
“We wouldn’t be where we are today without the loyalty, commitment and expertise of all of our people and I thank them all”.
