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REDROW PLC

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Redrow : Richard Akers to succeed John Tutte as Non-Executive Chair

06/08/2021 | 05:01am EDT
Richard Akers to succeed John Tutte as Non-Executive Chair

8th June 2021

Redrow plc has announced the appointment of Richard Akers as its new Non Executive Chair. Richard will join the Board as Chair Designate and as an independent Non-Executive Director on 1 June 2021. Richard will work closely with John Tutte during a handover period and Richard will assume the role of Chair following the Company's 2021 Full Year Results on 15thSeptember 2021, at which time John will stand down from the Board.

Richard has a career background in property and land acquisition, having spent his entire career in the industry, latterly as a Main Board Director of Land Securities plc, the UK's largest commercial property company. Since retiring in 2014 from Land Securities plc he has held a number of Non-executive roles.

Richard currently holds independent non-executive roles at Unite Group plc and Shaftesbury plc where he is Senior Independent Director, and until recently having completed nine years, held a non-executive role at Barratt Developments plc, as a non-executive director, the Senior Independent Director, Chair, Remuneration & Safety, Health & Environment Committees & Workforce Engagement Director.

Nick Hewson, Senior Independent Director, said:

'On behalf of the Board, I would like firstly to thank John for his outstanding commitment and dedication to Redrow over nearly twenty years as Regional Chairman, Chief Executive and latterly as Chair. We wish him all the very best for the future.

Following a comprehensive recruitment process, I am delighted to announce the appointment of Richard Akers, who will succeed John as Chair in September 2021. The Company will benefit from his industry and commercial experience which he has gained over a long career and also through his various non-executive roles. It is a pleasure for us all to welcome Richard to Redrow and we look forward to working with him.'

John Tutte, Chair, said:

'It has been both an honour and privilege to work for this great company and serve on the Board for approaching twenty years. It is now the right time for me to step down with the business in excellent shape with a clear strategy, strong leadership team and a sound platform in place to continue to take the Company forward. I would like to take this opportunity to thank all of my Board colleagues, the Senior Executive Team and all of our employees across the whole business for their dedication, loyalty and hard work which has underpinned our success.'

Richard Akers, said:

'I am delighted to be joining the Board of Redrow and very much look forward to working with the Board and the wider team in order to continue to deliver on the Company's strong track record of developing high quality homes in thriving communities.'

As well as his role as a non-executive Director and Chair Designate, Richard will also serve on the Nomination Committee (which he will Chair in due course), and the Remuneration Committee of the Board.

Disclaimer

Redrow plc published this content on 08 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 June 2021 09:00:02 UTC.


ę Publicnow 2021
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Sales 2021 1 914 M 2 667 M 2 667 M
Net income 2021 239 M 333 M 333 M
Net cash 2021 154 M 215 M 215 M
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Yield 2021 3,16%
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Nbr of Employees 2 364
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Technical analysis trends REDROW PLC
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Mean consensus BUY
Number of Analysts 18
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Average target price 805,94 GBX
Spread / Average Target 25,5%
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Matthew John Pratt Group CEO, COO & Director
Barbara May Richmond Group Chief Financial Officer & Executive Director
John Frederick Tutte Non-Executive Chairman
Richard John Akers Chairman-Designate
Andrew Nicholas Hewson Senior Independent Director
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