Pete Redfern has been appointed as the new chief executive officer of Travis Perkins, succeeding current CEO Nick Roberts, who is leaving after five years in the role.
The UK-based building supplies firm has suffered in the economic downturn and slowdown in construction, with profits falling as much as 70 per cent in 2023.
“[Redfern] joins at an important time for the Group as we focus on improving profitability and enhancing cash generation, as well as accelerating changes to our operating model to create a simpler, more efficient business,” Interim Chair Jez Maiden said.
“[He] brings a combination of deep sector knowledge, operational delivery capability, commercial acumen and listed company expertise. 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 added.
Redfern has worked in the construction sector for two decades, including 14 years as chief executive of Taylor Wimpey.
He “oversaw the transformation of the company into one of the largest housebuilders in the UK, and its elevation to the FTSE 100…building a strong financial position after the global financial crisis, refocusing the company on its UK operations and delivering a strategy that created significant shareholder value through a focus on organic growth”, Travis Perkins noted.
He has served on the board of Travis Perkins for nine years as a non-executive director.
“I am looking forward to working with Geoff, Duncan and the Board, together with all colleagues across the Group, to position us for the opportunities our changing environment will offer and to drive significant value for our shareholders,” Redfern said.
Travis Perkins also announced the appointment of Geoff Drabble as chair designate, who has served as the chair of heating and plumbing-based products distributor Ferguson and of packaging company DS Smith.
Shares in Travis Perkins rose 6.1 per cent to 851p in London on Wednesday morning.