Morgan returns to Redrow

Steve Morgan, the founder of housebuilder Redrow, has completed a successful boardroom takeover at the company.

This month Morgan raised his stake to 29.9% and wanted a seat on the board, now after discussions with leading shareholders, the company says Morgan has been appointed deputy chairman, and will take over from chairman Alan Bowkett in June.

Morgan said: “I am delighted to be rejoining the board of Redrow, with the support of the board and leading shareholders. Redrow is a tremendous business with a great heritage and I am passionate about ensuring the future success of the company, in the face of the unprecedented challenges that confront the industry.”

A company statement said: “The new executive structure will allow Mr Morgan to build upon Redrow's existing strategy, focused around Redrow's core values of product differentiation and land development. The team will continue to pursue Redrow's cost reduction and cash generation targets.”