Travis Perkins CEO Pete Redfern will step down with immediate effect, due to ill health
Pete Redfern, who only took on the role last September, after serving for 14 years at Taylor Wimpey as chief executive.
Company chair Geoff Drabble will lead in the interim
Geoff Drabble | Image courtesy of Travis Perkins
Drabble said: “The Board and I are very sorry that Pete’s brief but promising tenure as CEO has been brought to a premature conclusion for reasons beyond his and our control, and which none of us had anticipated.
“On a personal level, and on behalf of the Board, I would like to thank Pete for his valuable contribution kickstarting the Group’s efforts to refocus on the customer experience and reenergise our field operations. He leaves with our best wishes for the future.
“The Group has many inherent strengths, benefiting from nationwide coverage with market leading businesses and strong customer and supplier relationships. We have a great business which has had its issues in recent times, but which I am confident can build on its inherent strengths and deliver value for investors and all of its other stakeholders.”
Travis Perkins has already started the search for a new CEO
The news follows a tumultuous few years for Travis Perkins, who saw profits slump by 39% in 2023. However 2024 yielded an improvement, which Pete Redfern was keen to pursue.
Attributing the the group becoming ” distracted and overly internally focused which has led to the underperformance in recent periods,” Redfern wanted to drive branch-led performance and match the predicted recovery of the UK market.
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