Steve Morgan, chairman of North Wales-based Redrow, said: "David has served the company well for the past seven years. I am pleased that he has agreed to stay on until March to ensure an orderly transition. On behalf of the board I would like to express our thanks for his significant contribution and wish him every success in the future."

In Redrow's statement, Arnold added: "I am leaving Redrow after seven enjoyable and fulfilling years. During the last twelve months Redrow has been well positioned, and I wish Steve and the team every success in their endeavours."