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Redrow PLC - 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

 

7th 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


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: Redrow PLC

Price: 487.2

Market: LSE
Market Cap: £1.72 billion
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