Travis Perkins PLC Announces New CEO And Chair Designate

Travis Perkins plc is pleased to announce that following an extensive and rigorous search process, Pete Redfern has been appointed as a Director of the Company and Chief Executive Officer (“CEO”) with effect from 16 September 2024. Pete succeeds Nick Roberts, who will step down as CEO and from the Board on the same day.

Image : Pete Redfern, incoming CEO of Travis Perkins plc

Pete brings over two decades of leadership, operational and finance experience in the construction sector, including 14 years as Group Chief Executive of Taylor Wimpey plc until 2022. During his time at Taylor Wimpey, Pete oversaw the transformation of the company into one of the largest housebuilders in the UK, and its elevation to the FTSE 100, restructuring the Group post its merger, building a strong financial position after the global financial crisis, refocusing the company on its UK operations and delivering a strategy that created significant shareholder value through a focus on organic growth. Alongside his sector experience, Pete also benefits from a deep understanding of Travis Perkins Group, having served on the Board as a Non-Executive Director for nine years to September 2023.

Jez Maiden, Interim Chair, commented: 

“I am delighted that Pete Redfern will be joining Travis Perkins as CEO. Pete brings a combination of deep sector knowledge, operational delivery capability, commercial acumen and listed company expertise. He is focused on operational rigour and driving a performance culture, prioritising customers, quality and people. He has demonstrated his skills in managing costs, margins and cash generation, complemented by a rigorous approach to capital allocation. 

“Pete joins at an important time for the Group as we focus on improving profitability and enhancing cash generation, as well as accelerating changes to our operating model to create a simpler, more efficient business. I am confident that, together with Duncan Cooper, Chief Financial Officer, the executive leadership team will accelerate the ongoing transformation of the Group and deliver strong shareholder returns. 

“I would like to thank Nick Roberts for his leadership of and dedication to Travis Perkins as CEO over the last five years. Nick has led the modernisation and simplification of the Group, whilst navigating a challenging trading environment, and we wish him every success in the future.”

Pete Redfern commented: 

“It is a privilege to become the next Chief Executive Officer of Travis Perkins. In addition to my time as a Non-Executive Director, I have operated as both a customer of, and a supplier to the Group and have a strong sense of its inherent potential. My initial focus will be on implementing and adding to the actions already underway to improve operational execution and increase the focus on efficiency and cash generation, whilst also starting to develop the Group's strategy for the years ahead. 

“I am looking forward to working with Geoff, Duncan and the Board, together with all colleagues across the Group, to position us for the opportunities our changing environment will offer and to drive significant value for our shareholders.” 

There is no further information to be disclosed in respect of Pete Redfern under paragraphs 9.6.13 (1) to (6) of the Listing Rules. 

Chair (designate) appointment

Travis Perkins plc is pleased to announce that Geoff Drabble is appointed as a Non-Executive Director of the Company with effect from 1 October 2024. He has also been appointed Chair (designate) from the same date and will take up the position of Chair as soon as his capacity allows.

Image: Geoff Drabble, incoming Chair designate

Geoff brings unrivalled experience in publicly listed businesses across the building materials distribution, equipment hire and tools markets in which the Travis Perkins Group operates, gained from both executive and non-executive roles.

Geoff is Chair of Ferguson plc, the building materials distribution business listed on the New York and London Stock Exchanges, which primarily operates in North America. He is also currently Chair of DS Smith Plc, the international packaging company. He was a Non-Executive Director of Howden Joinery Group plc, the UK’s leading specialist kitchen supplier, from 2015 to 2023, serving latterly as its Senior Independent Director.

In his executive career, Geoff was Group Chief Executive of Ashtead Group plc, the FTSE 100 listed international equipment hire company, from 2006 to 2019 and previously held senior executive positions in Laird Group plc and Black and Decker Corp. 

Jez Maiden, Interim Chair, commented:

“Geoff brings a deep and relevant skill set to the Board, particularly with respect to building materials distribution and equipment hire. He has been successful at the most senior executive and non-executive levels, and I am pleased that he is joining us as a Non-Executive Director and Chair (designate).

“With Pete Redfern announced as our new Chief Executive Officer and Duncan Cooper recently joining as Chief Financial Officer, we have a strong and experienced Board and leadership team to drive value for all our stakeholders.”

Geoff Drabble commented:

“I am delighted to be joining the Board of Travis Perkins and look forward to working closely with Pete, Duncan and the wider executive team as we look to create a simpler, more efficient, customer-centric business, focused on maximising its inherent strengths. I am excited by the opportunity to contribute towards returning the business to growth and to create a pathway to improving profitability and creating significant shareholder value.”

There is no further information to be disclosed in respect of Geoff Drabble under paragraphs 9.6.13 (1) to (6) of the Listing Rules. 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/204 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018) and has been authorised for release by Robin Miller General Counsel and Company Secretary.

Source : Travis Perkins plc

Main image : SWNS / Travis Perkins

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