REG-Travis Perkins Travis Perkins: Directorate change

Travis PerkinsAnnouncement

10/03/2025 12:15

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   Travis Perkins (TPK)
   Travis Perkins: Directorate change

   10-March-2025 / 12:07 GMT/BST

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                                 10 March 2025

                               Travis Perkins plc

                               DIRECTORATE CHANGE

    

   The Board of Travis Perkins plc (“Travis Perkins” or the “Company”) today
   announces that regrettably, as a result of ill health, Pete Redfern will
   be stepping down as Chief Executive Officer (“CEO”) and from the Board
   with immediate effect. 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.

   Geoff Drabble, Chair, 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
   Nominations Committee will immediately commence a search for a successor
   CEO.

   Geoff 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 will report its full year results on 18th March 2025.

   This announcement contains inside information for the purposes of Article
   7 of EU Regulation 596/204 (which forms part of domestic UK law pursuant
   to the European Union (Withdrawal) Act 2018 and has been authorised for
   release by Robin Miller General Counsel and Company Secretary.

    

   Enquiries:

   Travis Perkins                     FGS Global
   Matt Worster                       Jenny Davey
   matt.worster@travisperkins.co.uk   TravisPerkins@fgsglobal.com

    

    

   Remuneration Disclosure (pursuant to S430(2B) Companies Act 2006):

   Consistent with the Company's Directors’ Remuneration Policy approved by
   shareholders in 2024 (the “Policy”), all payments to Pete Redfern cease on
   cessation of employment, without any pay in lieu of notice. Provision or
   accrual of benefits cease immediately on cessation of employment. Pete
   Redfern’s unvested award granted on 16 September 2024 under the Company’s
   Restricted Share Plan does not lapse because his employment has ceased due
   to ill-health but subsists in accordance with the rules of the Plan. 
   Vesting of the award at the end of the three year vesting period is
   subject to satisfaction of the applicable performance underpin. The number
   of shares that vest will usually be reduced pro-rata to reflect the
   proportion of the individual’s employment during the vesting period from
   the grant date to the date of cessation of employment. A two year holding
   period for any shares received on exercise of the award following vesting
   applies. The Remuneration Committee may determine that Pete Redfern be
   awarded a bonus for the 2024 performance year. As permitted under the
   Policy the Remuneration Committee has determined, in the circumstances,
   not to apply the post-employment shareholding guideline for Executive
   Directors in relation to the shares in the Company which Pete Redfern
   purchased on 11 November 2024.

   — Ends —

    

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   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:           GB00BK9RKT01
   Category Code:  BOA
   TIDM:           TPK
   LEI Code:       2138001I27OUBAF22K83
   OAM Categories: 3.1. Additional regulated information required to be
                   disclosed under the laws of a Member State
   Sequence No.:   378507
   EQS News ID:    2098014


    
   End of Announcement EQS News Service

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