Travis Perkins, a prominent building supplies firm, is witnessing a significant leadership change as Chief Executive (CEO) Nick Roberts announced his departure after a five-year tenure. This decision comes amidst challenging market conditions and a period of notable underperformance for the company.
Roberts will continue in his role until a suitable replacement is found, ensuring a smooth transition of leadership. His departure follows shortly after Travis Perkins signalled another challenging year ahead, with annual pre-tax profits plummeting to £70 million from £245 million in the previous year.
The company, which also owns the Toolstation chain, has been grappling with the UK housebuilding downturn and subdued demand for home improvements and repairs. Underlying operating profits have slumped by 39% to £180 million.
Jasmine Whitbread, Chair of Travis Perkins, acknowledged the company’s recent underperformance and emphasised the need for improvement. She stated that despite progress in modernising the business, challenges persist amidst economic headwinds and market weakness.
Roberts expressed pride in the progress made during his tenure and pledged to continue executing the company’s strategy until a new CEO is appointed.
