By Fatimah Idera
The British building materials supplier Travis Perkins revealed on Monday that its CEO Pete Redfern had stepped down due to ill health, as it sent the shares of the company down to 4.4% which is their lowest since March 2020.
Geoff Drabble, the chair, will work with the management team to ensure business stability while the company begins searching for Redfern’s successor.
Recall that Redfern, the former boss of home builder Taylor Wimpey, became the CEO of Travis Perkins in September 2024.
In October, after the company lowered its annual profit outlook for the second time in three months, Redfern said among his immediate priorities were ensuring that the group turns and faces the anticipated recovery in the UK construction market.
He added that the group has allowed itself to become distracted and overly internally focused, which has led to underperformance in recent periods.
Travis Perkins is scheduled to report full-year results on March 18.
