Meanwhile chairman Alan Bowkett will step down at the end of June
Morgan, who founded Redrow in 1974, increased his shareholding to 29.9% earlier this month and said he wanted a bigger say in the running of the company.
In a statement the company said: "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."
Steve Morgan rattles Redrow’s cage by upping his stake to 29.9%
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