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Travis Perkins appoints new chief executive, chair

08:29, 10th July 2024
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Travis Perkins Plc   Follow | TPK announced the appointment of Pete Redfern as its new chief executive officer on Wednesday, and Geoff Drabble as chair designate, in two big changes to its leadership team.

The FTSE 250 company said Redfern would assume his role as CEO on 16 September, succeeding Nick Roberts.

It said he would bring more than 20 years of experience in the construction sector, having previously served as group chief executive of Taylor Wimpey for 14 years.

During his tenure, he transformed Taylor Wimpey into one of the UK's largest housebuilders and led its ascent to the FTSE 100.

Redfern's experience included restructuring the company post-merger, strengthening its financial position following the global financial crisis, and driving significant shareholder value through a focus on organic growth.

He was also familiar with Travis Perkins, having served as a non-executive director on its board for nine years until last September.

"Pete brings a combination of deep sector knowledge, operational delivery capability, commercial acumen and listed company expertise," said interim chair Jez Maiden.

"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."

Maiden said Redfern was joining at an "important time" for the group, as it focussed on improving profitability and enhancing cash generation, as well as accelerating changes to its 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."

Geoff Drabble would meanwhile join Travis Perkins as a non-executive director on 1 October, taking on the role of chair designate.

The board said Drabble would bring a wealth of experience from his roles in publicly-listed companies within the building materials distribution, equipment hire, and tools markets.

He currently chairs Ferguson and DS Smith, and previously served as a non-executive director of Howden Joinery Group.

Drabble's executive experience included his tenure as group chief executive of Ashtead Group from 2006 to 2019, and senior roles at Laird Group and Black and Decker Corporation.

"Geoff brings a deep and relevant skill set to the board, particularly with respect to building materials distribution and equipment hire," Jez Maiden added.

"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."

At 0850 BST, shares in Travis Perkins were up 3.62% at 830p.

Reporting by Josh White for Sharecast.com.

Stock Chart | TPK

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