Saturday, March 21, 2009

Redrow founder Morgan returns to house builder's board

House builder Redrow has announced that company founder Steve Morgan will return to the board as acting executive chairman, whilst the chief executive Neil Fitzsimmons will leave on Monday.

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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