A spokesman for Elliott called on Ms Daly to “take the necessary steps” to improve value for shareholders and “correct” Taylor Wimpey’s “deep share price underperformance that has persisted in recent years”.
They added: “Critical to this process will be the appointment of new non-executive directors, and Elliott remains engaged with Taylor Wimpey regarding the identification of candidates who would add relevant experience and operational expertise to the company’s board.”
Clyde Lewis, an analyst at Peel Hunt, said: “I don’t think Elliott will be overly happy with the appointment.
“Jennie Daly is only moderately known to the market and investors, and Elliott will want more change in how the company operates going forward.
“This process seems to have been conducted very quickly, whether they’ve made it quick to minimise the pressure from Elliott.
“Ultimately the approach of Taylor Wimpey will come back to whether the board wants to deal with those issues or if they think it’s best to keep going in the same manner.”
Mr Redfern quit in December, just days after it emerged that Elliott had taken a stake in Taylor Wimpey. The hedge fund is now one of the company’s five biggest shareholders
The activist investor has cultivated a fearsome reputation in boardrooms for operating in such a ruthless manner, most famously by detaining an Argentine warship after the country failed to repay bondholders.
Elliott has ramped up its interest in British companies in recent months. It has already shorted housebuilders Bellway and Barratt Homes, and has stakes in energy firm SSE and drugmaker GlaxoSmithKline.
In a scathing letter to the housebuilder’s board last year, Elliott said Taylor Wimpey “continues to fall short of achieving the opportunity inherent in the business”.
It wrote: “In particular, a series of operational and strategic missteps has resulted in persistent share-price underperformance, leaving shareholders frustrated and lacking confidence.”
Former Persimmon boss Dave Jenkinson was understood to have support from Elliott to succeed Mr Redfern, but the Taylor Wimpey board eschewed an external hire.
Irene Dorner, chairman of Taylor Wimpey, said Ms Daly’s “strong focus on execution, combined with her customer and people-focused skills” had “set her apart” from the other candidates it was considering.
A Taylor Wimpey spokesman said that the board had consulted all shareholders, including Elliott about the appointment process.
Ms Daly will receive a base salary of £750,000, but she could earn almost four times that amount through share awards if certain performance targets are met.
Analysts at Exane BNP Paribas called Ms Daly’s appointment “reassuring”, pointing to her “extensive experience” in land and planning.
Following the appointment, Taylor Wimpey’s share price increased 0.5pc to 150p.
