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Redrow PLC (RDW)

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Friday 20 March, 2009

Redrow PLC

Board Changes

RNS Number : 2297P
Redrow PLC
20 March 2009

20 March 2009

Redrow plc

Board Changes

Further to our statement on 2 March 2009 the board of Redrow plc ('Redrow' or the 'Company') (the 'Board') today announces that Mr Steve Morgan has been appointed to the Board, as Deputy Chairman and Chairman designate, acting in an executive capacity, with effect from Monday, 23 March 2009.

Following consultation with leading shareholders of the Company, the Board and Mr Morgan have agreed a structure which will allow Mr Morgan to bring his extensive knowledge of the UK housebuilding industry to Redrow and ensure sufficient continuity of the Board and its practices to serve the interests of all shareholders.

Chairman, Senior Independent Director and Non-executive Directors

Alan Bowkett, Chairman of Redrow, will stand down on 30 June 2009 at the end of Redrow's fiscal year. At this date, Mr Morgan will take on the role of Chairman, acting in an executive capacity. The Nominations Committee, led by Mr Bowkett, has begun a search for an appropriately qualified candidate to take on the role of Non-executive Deputy Chairman and Senior Independent Director of the Company from 30 June 2009.

The existing non-executives of Redrow: Malcolm King, the current Senior Independent Director, Denise Jagger and Bob Bennett will remain on the Board of Redrow. Malcolm King will remain chairman of the Remuneration Committee after the appointment of a new Non-executive Deputy Chairman and Senior Independent Director.

Revised executive structure

Neil Fitzsimmons, Chief Executive, and the Board consider it essential that Mr Morgan is afforded the most effective executive structure to take the Company forward. It has therefore been agreed that Mr Fitzsimmons will stand down as Chief Executive on 23 March 2009. In order to assist in delivering a smooth transition, Mr Fitzsimmons has agreed to remain with the Company as an executive director until 30 April 2009. The other executive directors, comprising Group Finance Director David Arnold and regional chairmen Colin Lewis and John Tutte, will remain on the Board and will all report directly to Mr Morgan.

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.

It is the Board's agreed intention that the Nominations Committee, led by the new Non-executive Deputy Chairman, will review this executive structure in the first quarter of 2010 or an earlier date, if agreed by the Board.

Relationship agreement

Given the nature of the private interests of Mr Morgan and his associates, Mr Morgan and Redrow have entered into a relationship agreement covering, inter alia, arrangements regarding land currently held by Mr Morgan and his associates and future land purchases by Mr Morgan and his associates and Redrow to ensure that no conflicts of interest arise.

Additional information required by paragraphs 9.6.13 (1) to (6) of the Listing Rules

In relation to Mr Morgan's appointment, it is confirmed that Steve Morgan was a Non-Executive Director of De Vere Group plc until his resignation on 5 September 2006. There are no further details to be disclosed under paragraphs 9.6.13 (1) to (6) of the Listing Rules.

Commenting on the appointment:

Alan Bowkett, Chairman of Redrow, said:

'The discussions with Steve Morgan have been constructive and the Board recognises that Steve's experience and enthusiasm can bring benefits to Redrow

It is clear that Steve supports the Board's strategy and that, with his assistance, this strategy can be implemented even more effectively. Having discussed the future management of the business with the Board it has been agreed that the executive team reporting directly to Steve will lead to an efficient platform from which to drive our strategy. The Board would particularly like to thank Neil Fitzsimmons for his enormous contribution to Redrow over many years of service and we all wish him well in his future endeavours.

Both parties have shown their commitment to high corporate governance standards. I will remain as Chairman until the end of our financial year and will lead the search for an appointment of a Non-executive Deputy Chairman. The discussions with Steve have focussed on ensuring that the interests of all shareholders are represented and this will continue going forward as the whole Board seeks to deliver value for all shareholders in Redrow.'

Steve Morgan, Deputy Chairman and Chairman designate, 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. I look forward to working with the Board, the executive team and all of Redrow's valued employees as we work together to take Redrow forward and create value for all shareholders. I am particularly grateful to Neil Fitzsimmons for the many years he has dedicated to Redrow and on a personal level would like to wish him every success in future.'

Neil Fitzsimmons, Chief Executive, said:

'I would like to thank my colleagues during my time at Redrow for their contribution and support. I believe in the underlying strength of the Redrow business and the decisive actions we have successfully implemented to address the current very challenging market conditions. I leave Redrow in excellent hands as Steve has the track record and undoubted capabilities to build upon our strategy. Working with Colin, John and David, he will lead one of the strongest executive teams in the sector and I am confident that together they can take the business forward to future success.'


Brunswick Group LLP        020 7404 5959

Patrick Handley 

Jayne Rosefield    

Note to Editors

Redrow is a leading residential developer in the UK with a focus on product differentiation and land development. Redrow was founded by Steve Morgan in 1974 and floated on the London Stock Exchange in 1994. Steve retired from Redrow in 2000 to focus upon his private development interests. On 5 March 2009, Mr Morgan notified the Company that he owned 29.92 per cent. of the Company's ordinary share capital through his investment vehicles, Durcan Investments Limited and Bridgemere Securities Limited.

This information is provided by RNS
The company news service from the London Stock Exchange