Re Directorate

RNS Number : 5515G

Redrow PLC

07 November 2018

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2016. UPON PUBLICATION OF THIS ANNOUNCEMENT, THE INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN. THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

FOR IMMEDIATE RELEASE

Redrow plc

7^th November 2018

Re Directorate 

Steve Morgan, Chairman, who founded the Company in 1974, 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, Redrow's 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 who has been with Redrow for 16 years, is currently the Regional CEO of Redrow's Southern businesses and is 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, Chief Executive, commented:

"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".

There are no further matters to be disclosed pursuant to paragraph 9.6.13 of the Listing Rules of the UK Listing Authority

The person responsible for the release of this announcement is Graham Cope, Group Company Secretary of Redrow plc.

Enquiries:

Redrow plc
Steve Morgan, Chairman	01244 527411
Barbara Richmond, Group Finance Director	01244 527411
John Tutte, Group Chief Executive	01244 527411
Instinctif	0207 457 2020
Mark Garraway	07771 860 938
James Gray	07583 936 031

LEI Number:
2138008WJZBBA7EYEL28

 

END

 

 

BOAVQLFBVFFXFBB