A key figure in the 2007 merger of George Wimpey and Taylor Woodrow today announced plans to stand down as chairman of the combined group.

Norman Askew took the helm of Taylor Woodrow in July 2003 and was appointed to the same role following the creation of Taylor Wimpey. He will quit the company’s board by the end of next year.

Taylor Wimpey was formed at the height of the housing boom but was crippled by the credit crunch and plunging property market.

The firm, which has operations in the UK, North America, Spain and Gibraltar, struggled under a £1.5bn debt pile but secured the support of lenders earlier this year for new financing arrangements. It also raised more than £500 million from shareholders.

Taylor Wimpey recently reported "significantly better" market conditions, with cancellation rates since July at 16%, against 46% in 2008.

Sale prices were 9% higher than the £163,000 average seen in the first half, while Taylor Wimpey added that its US business had shown stability.

Mr Askew said: "We have come through unprecedented market conditions since the merger. It is important that as we enter 2010, we continue to proactively manage our business in what are still uncertain times."

He added that today’s announcement gave the company plenty of time to select his successor and ensure a smooth transition.

The company also bolstered its board today with the appointment of Robert Rowley as non-executive director. The former Reuters director is currently a senior board member at property firm Liberty International.

"He brings a strong financial background and wealth of commercial business experience to the Taylor Wimpey Group," Mr Askew added.