Ten years after Morgan took back control of Redrow he has announced his retirement from the Redrow board. John Tutte is to takeover as Executive Chairman in March.
Morgan has an estimated net worth of around £1 billion and is expected to focus on his charitable work. He donated £200m worth of share to his foundation last year.
One major shareholder said: “It’s a pity really because he is a great name and he’s done a great job. He’ll be missed.”
Morgan was a vehement critic of the Persimmon scheme in the story above saying “One company has got it very, very wrong. Everybody in the industry is as peed off with this Persimmon thing as the people outside it.”