Redrow founder Steve Morgan bows out as chairman to be replaced by chief exec John Tutte
End of an era: Redrow chairman and founder Steve Morgan will retire at the end of March
Redrow chairman and founder Steve Morgan is to step down from the housebuilder he set up in 1974.
The 65-year-old will retire at the end of March having spent two stints as chairman – from 1974 to 2000 and then from 2009 to today.
He will be replaced by chief executive John Tutte.
Morgan holds a 21 per cent stake in Redrow worth around £420million and his charity, The Morgan Foundation, has shares worth £140million.
The thrice-married father of five, a former owner of Wolverhampton Wanderers FC, draws a salary of just £15,000 and donates it to the charity.
But he receives large dividend payments. Last year he was handed £21.7million.
The average selling price of private reservations was £388,000 and its total order book rose by 11 per cent to £1.2billion.
His plans to retire were announced at the annual meeting where Morgan warned that the housing market in London remains subdued.
Shares were down 2.8 per cent, or 16p, at 549p.