Travis Perkins CEO Redfern to step down due to ill health

(Sharecast News) - Travis Perkins said on Monday that chief executive Pete Redfern was stepping down with immediate effect due to ill health. "Consistent with the values of the company, the board supports Pete's understandable decision to prioritise his health and wishes him a speedy and full recovery," it said.

Chair Geoff Drabble will work with the management team "to ensure the stability of the business and that it remains focused on progressing the actions that are already underway to improve performance, enhance profitability and create sustainable value for shareholders".

The builders' merchant said the Nominations Committee will kick off a search for a successor immediately.

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."

The company's full-year results are due on 18 March.

At 1600 GMT, the shares were down 7.7% at 585p.