12 May 2021
Richard Akers to succeed John Tutte as Non-Executive Chair
Redrow plc announces that it has agreed to appoint Richard Akers as its new Non‐Executive Chair of the Board of Redrow plc ('the Company'). 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 announcement of the Company's 2021 Full Year Results on 15th September 2021, at which time John will stand down from the Board.
John was appointed as Chairman of the Board on 1st April 2019 following the retirement from the business of Steve Morgan, the Company's founder. As announced on 5th February 2020 the Company confirmed that it was the intention of John to retire from the Board ahead of the 2021 AGM and in its 2020 Annual Report, it reported that it had commenced a search for a new Chair, led by Nick Hewson, the Senior Independent Director.
Richard Akers 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.
This announcement is made in accordance with Listing Rule 9.6.11.
There are no further disclosures to be made pursuant to Listing Rule 9.6.13 in respect of Richard Akers' appointment.
John Tutte, Chairman
Barbara Richmond, Group Finance Director
0207 457 2020
07771 860 938
07891 564 641
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