Travis Perkins: CEO steps down due to ill health
The chief executive of Travis Perkins has stepped down with immediate effect because of ill health.
Pete Redfern was appointed to lead the Northamptonshire-headquartered group in September 2024, succeeding Nick Roberts.
In a statement issued to the London Stock Exchange, Travis Perkins said its board “supports Pete’s understandable decision to prioritise his health and wishes him a speedy and full recovery”.
Before joining Travis Perkins, Redfern had been self employed as an advisor. He had previously been chief executive of Taylor Wimpey from 2001 to 2022.
Travis Perkins CEO ‘leaves with our best wishes for the future’
Travis Perkins chairman Geoff 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 is expected to report its full-year results on 18 March.
In the last 12 months, Travis Perkins’ shares have been as high as 959p but have since been on the slide and are currently trading at 627p.
In its half-year results, the company reported a revenue of £2.3bn, down from £2.4bn, while its pre-tax profit was slashed from £85.7m to £15.6m.