Taylor Wimpey chief to step down

The chief executive of Taylor Wimpey is to step down after more than 14 years in the role, the housebuilder said on Wednesday.

Pete Redfern will leave the business once a replacement has been found and a full handover has taken place.

The blue chip said it had a "robust" succession plan in place and that the recruitment process was "advanced", with both internal and external candidates being considered.

Redfern said: "It has been a privilege to work at Taylor Wimpey for the last two decades.

"The business is in excellent health, and is well positioned for strong future growth. Accordingly, I am confident that now is the right time for fresh leadership as Taylor Wimpey starts the next chapter."

Chairman Irene Dorner added: "Pete has made an invaluable contribution to the business, including having successfully led the company through a global financial crisis and the recent pandemic.

"Pete will leave the business with a strong and differentiated culture he can be proud of creating."

Redfern, who is also the senior independent non-executive director at Travis Perkins, was chief executive of George Wimpey when the company merged with Taylor Woodrow in 2006. He became chief executive of the merged business in 2007.

Earlier this week it emerged that activist investor Elliot Advisors had taken a small stake in Taylor Wimpey. It was reported that the hedge fund had bought into the housebuilder to encourage corporate activity, including a potential takeover.