Travis Perkins CEO Nick Roberts is stepping down after five years in the role, as the business carries out “a thorough search process” for a new leader.
The company said the decision came from a mutual agreement between Roberts and the board, adding that now was “the right time to search for a new leader to take the business forward”.
Prior to joining the builders’ merchant, Roberts, who has agreed to remain in his role until a successor is found, worked in a series of roles at engineering and design company Atkins, including serving as its president and chief executive for the UK and Europe.
The executive said: “Travis Perkins is a great company with a talented team and I have been privileged to serve as CEO for the last five years.
“I am proud of the progress we have made in modernising the company. While the board identifies my successor, I will continue to rigorously execute on our plan and drive performance.”
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The retailer’s chair Jasmine Whitbread added: “On behalf of the board, I would like to thank Nick for his dedication and contribution to the business over the last five years.
“While there has been good progress made in modernising the business, the board fully recognises the under performance of the business over recent reporting periods, in the context of continued economic challenges and end market weakness.”
She continued: “We remain fully focused on improving profitability and enhancing cash generation, as well as accelerating changes to our operating model to create a simpler, more efficient business, well positioned to emerge stronger when markets recover and to grow shareholder value.”
In August, Travis Perkins saw profits fall by almost a third for the six months to June 30, amid “challenging” market conditions.
The chain blamed weak domestic and new build housing markets for the poor performance, seeing it surplus fall to £112m – down 31%.
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