Builders’ merchant Travis Perkins plc (“Travis Perkins” or the “Company”) has announced that, as a result of ill health, Pete Redfern has stepped down as chief executive with immediate effect.
The Travis Perkins board said that Redfern’s decision to prioritise his health was “consistent with the values of the company.”
Pete Redfern was just 36 when he was made chief executive of house-builder Taylor Wimpey, a role he held for 14 years until April 2022. His departure was reported as being the result of shareholder pressure but he always insisted that it was purely for personal reasons and to spend more time with his family.
In September 2024, having just turned 54 years of age, he returned to the C-suite as chief executive of listed builders’ merchant Travis Perkins, with former A-Plant chief Geoff Drabble taking the chair in the same month.
With Redfern’s departure after just six months, Drabble will now take a more active role in the business, pending the appointment of Redfern’s successor. 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 board said.
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.”
Travis Perkins’ share price fell 8% on the news.
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