Travis Perkins plc confirms appointments as CEO and president

Travis Perkins plc confirms appointments as CEO and president

Following an “extensive and rigorous search process, Travis Perkins plc has announced the appointment of Pete Redfern as a company director and Chief Executive Officer with effect from 16 September 2024. Pete succeeds Nick Roberts, who will step down as Chief Executive Officer and from the Board on the same day.

Pete (pictured, top) brings over twenty years of leadership, operations 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, he “oversaw the transformation of the business into one of the UK’s largest construction companies and its promotion to the FTSE 100 Index, 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 delivering a strategy that created 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, commented: “I am delighted that Pete Redfern will join Travis Perkins as CEO. Pete brings a combination of deep sector knowledge, operational acumen, commercial acumen and listed company experience. He is focused on operational rigour and building a culture of performance, putting customers, quality and people first. He has demonstrated a strong track record in 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 changes to our operating model to create a simpler, more efficient business. I am confident that, together with Duncan Cooper, CFO, the executive leadership team will accelerate the Group’s ongoing transformation and deliver strong shareholder returns.”

Jez added: “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 commented: “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 focus will be on implementing and expanding actions already underway to streamline operational execution and increase focus on efficiency and cash generation, as well as beginning to develop the Group’s strategy for the coming years.”

He concluded: “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.”

In addition, Travis Perkins plc has confirmed 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 take up the position of Chairman as soon as his opportunities allow.

Travis Perkins plc has appointed Pete Redfern as its new Chief Executive Officer, effective 16 September, with Geoff Drabble taking up the role of Chairman (Nominee).Geoff is expected to bring “unparalleled experience in listed companies across the construction materials distribution, equipment and tool rental markets in which Travis Perkins Group operates, 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 leading UK supplier of specialist kitchens, 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.

Geoff commented: “I am delighted to join the Travis Perkins Board and look forward to working closely with Pete, Duncan and the wider management team as we seek to create a simpler, more efficient, customer-focused business, focused on maximising its inherent strengths. I am excited about the opportunity to help return the business to growth and create a path to improved profitability and significant shareholder value creation.”