Travis Perkins Names New CEO

Northampton-based building materials retailer Travis Perkins has appointed Pete Redfern as a company director and chief executive officer, effective from 16 September 2024. Pete replaces Nick Roberts, who will step down as chief executive on the same day to join the board.

Pete has over 20 years of leadership, operational and financial experience within 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 business into one of the UK’s largest property development companies and its promotion to the FTSE 100, the restructuring of the Group following the merger, building a strong financial position following the Global Financial Crisis, refocusing the business on its UK operations and implementing a strategy that generated significant shareholder value through a focus on organic growth.

In addition to his industry experience, Pete also has in-depth knowledge of Travis Perkins Group, having served on the company’s board as a non-executive director for nine years until September 2023.

Jez Maiden, Interim Chairman, said: “I am delighted that Pete Redfern will join Travis Perkins as CEO. Pete brings a combination of deep sector knowledge, operational execution, commercial acumen and listed company experience.

“He is focused on operational rigor and building a culture of performance that puts customers, quality and people first. He has demonstrated a strong track record of managing costs, margins and cash generation, complemented by a rigorous approach to capital allocation.

“Pete joins the Group at an important time as we focus on improving profitability and increasing cash generation, as well as accelerating the transformation of our operating model to create a simpler and more efficient business.

“I am confident that the management team, together with Duncan Cooper, CFO, will accelerate the Group’s ongoing transformation and deliver strong returns to shareholders.

“I would like to thank Nick Roberts for his leadership 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 said: “It is an honour to become the next CEO of Travis Perkins. In addition to my time as a non-executive director, I have acted as both a client and supplier to the Group and have a strong sense of its inherent potential.

“My initial activities will focus on implementing and extending the actions already underway to streamline operational execution and increase focus on efficiency and cash generation, as well as to begin developing the Group’s strategy for the coming years.

“I look forward to working with Geoff, Duncan and the Board, as well as all my colleagues across the Group, to position us for the opportunities this changing environment will present and deliver significant value to our shareholders.”

This appointment is concurrent with the appointment of Geoff Drabble as a Non-Executive Director of the Company with effect from 1 October 2024. He has also been appointed Chairman (designee) from the same date and will assume the role of Chairman as soon as his opportunities allow.

Geoff brings unparalleled experience in the publicly traded construction distribution, equipment rental and tooling industries that Travis Perkins Group operates in. This experience has been gained in both management and non-management roles.

Geoff is Chairman of Ferguson plc, a New York and London listed building materials distributor operating primarily in North America. He is also currently Chairman of DS Smith Plc, an international packaging company. He was a non-executive director of Howden Joinery Group plc, a specialist kitchen supplier, from 2015 to 2023, most recently serving as Senior Independent Director.

Geoff’s senior management career includes being Chief Executive Officer of Ashtead Group plc, a FTSE 100 listed international equipment rental company, from 2006 to 2019. He previously held senior management positions at Laird Group plc and Black and Decker Corp.