-British homebuilder Taylor Wimpey said on Wednesday its Chief Executive Officer Pete Redfern will step down from his role after spending more than 14 years at the helm.
Redfern was previously the CEO of UK housing land development firm George Wimpey and oversaw its merger with Taylor Woodrow that created Taylor Wimpey in 2007. He then took over as the chief executive of the combined entity.
Taylor Wimpey, among the top three biggest housebuilders in Britain, said Redfern would continue to lead the company and remain on its board until a successor has been appointed.
"Pete has made an invaluable contribution to the business during his almost 15 years as CEO, including having successfully led the company through a global financial crisis and the recent pandemic," Chairman Irene Dorner said in a statement.
The company had raised in August its annual earnings outlook after swinging to a profit in the first half of the year as its revenue almost tripled to 2.20 billion pounds.
Shares of the FTSE 100-listed company have lost about 30% of their value during Redfern's tenure, lagging the wider index's 11% rise over the same period.
