黑洞社区

Taylor Wimpey chief executive Peter Redfern said his departure from the business has nothing to do with reports that activist investor Elliott Advisers has bought a stake in the firm.

Speaking to 黑洞社区鈥檚 sister title Housing Today, Redfern said he was stepping down from the business entirely for personal reasons, following a dialogue with the board over the past year about the timing of his departure.

Redfern, 51, said he was looking to spend more time with his family and travelling before embarking on his next challenge.

The timing of yesterday鈥檚 announcement had raised eyebrows, coming a day after it was reported that Elliott Advisers, which financed the buyout of Avant Homes by Berkeley DeVeer earlier this year, has built up a stake in Taylor Wimpey with a view to encouraging corporate activity.

Asked whether there was any link with the news about Elliott Advisers, a US hedge fund, Redfern said: 鈥淚 never talk about individual shareholders as it鈥檚 not appropriate. But I鈥檓 happy to say this has absolutely no relation to that news. This is something we鈥檝e been planning for some time.

鈥淚t has nothing to do with that. It鈥檚 the right time for me and the right time for the board.鈥�

Redfern, who was appointed chief executive of Taylor Wimpey when he was just 36, said the board was running the appointment process for his successor, and was currently talking to both internal and external candidates, with conversations at an advanced stage.

Asked about the timing of his departure, Redfern said that would be largely dependent upon whether the board opted for an internal candidate or an external figure who would have to work out a lengthy notice period.

鈥淭he length of time depends if it is an external or internal candidate. I suspect I鈥檒l be the person announcing the full year results in the spring, but whether I鈥檒l be announcing half year figures is less clear,鈥� he said.

He said his departure announcement followed 鈥渁n open dialogue with the board to find a timing that works for both. We鈥檝e been speaking actively about it for a year or so.鈥�

Redfern, who has five children, the youngest of whom is six, said his desire to leave the business stemmed from having devoted so much of his younger life to developing his career. 鈥淚t鈥檚 just the right time for me. I went into [accountant] KPMG straight from school and from there straight in to Taylor Wimpey, and was chief exec of a PLC at 36 鈥� that doesn鈥檛 give you much time to do the other things you want to do in life.鈥�

Redfern, who has run the business since it was created in July 2007 from the merger of George Wimpey and Taylor Woodrow, said he wanted to take around six months out from work while he was still young enough to be active, before taking on his next career challenge.

鈥淚 genuinely don鈥檛 know if I鈥檒l stay in the industry or not,鈥� he said. 鈥淚鈥檓 trying to be disciplined and not take things on so I can keep an open mind. It鈥檚 the first time ever in my life I鈥檓 not sure what I鈥檓 going to do next, and I鈥檓 fine with that.

鈥淢y wife has been very supportive, but she was clear I could do with a break, as were my friends I spoke to,鈥� he said.

Redfern said he was open to considering both corporate and public sector and said he wouldn鈥檛 rule out working on policy related to the housing challenge, building on his experience undertaking the 2016 review of the housebuilding industry for the Labour Party. 鈥淚 think I鈥檝e got a set of experiences that could be quite useful,鈥� he said.

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