REG-Travis Perkins Travis Perkins: Directorate Change

Travis PerkinsAnnouncement

26/02/2019 07:05

============

   Travis Perkins (TPK)
   Travis Perkins: Directorate Change

   26-Feb-2019 / 07:01 GMT/BST
   Dissemination of a Regulatory Announcement that contains inside
   information according to REGULATION (EU) No 596/2014 (MAR), transmitted by
   EQS Group.
   The issuer is solely responsible for the content of this announcement.

   ══════════════════════════════════════════════════════════════════════════

                               Travis Perkins plc

    

                       ("Travis Perkins" or "the Group")

    

                               Directorate Change

    

   On 4 December 2018 we set out the Group's strategy for the years ahead.
   There are two main pillars of that strategy: to focus on delivering
   best-in-class service to trade customers, and to simplify the Group to
   reduce business complexity, reduce our above-branch cost base and speed up
   decision making. The Group also announced its intention to explore the
   divestment of its Plumbing and Heating businesses following successful
   transformation.

    

   In the Group's full year 2018 results announcement, published today, we
   said that a key component of simplification is the removal of the existing
   divisional structure across the Merchanting businesses. Due to the
   changing shape of the Group, there will no longer be a Board-level Chief
   Operating Officer role and Tony Buffin steps down from the Board today and
   will be leaving the business.

    

   Tony joined Travis Perkins plc as Group Chief Financial Officer ("CFO") in
   April 2013, before being appointed as Group Chief Operating Officer
   ("COO") in 2017. He has made a significant contribution to the success and
   evolution of the Group. As CFO he led a significant upgrade in the
   organisation of the finance function and as COO he has executed a
   successful transformation of our Plumbing & Heating businesses while
   overseeing significant growth in Toolstation UK and the successful
   expansion of that business into new Continental European markets.

    

   Tony Buffin commented "I feel privileged to have worked with all of our
   amazing colleagues and to have been a member of the management team and
   Board as we have significantly expanded the business. I believe its
   renewed purpose and focus will lead to an even stronger and brighter
   future for the Group."

    

   Stuart Chambers, Chairman commented "On behalf of the Board and all our
   colleagues I would like to thank Tony for his valuable contribution to the
   Group's growth and success. In particular, his leadership of our Plumbing
   and Heating division has been pivotal in its successful transformation. I
   wish Tony every future success."

    

   This announcement is made pursuant to the Company's obligations under
   Listing Rule 9.6.11.

    

   Remuneration Disclosure:

    

   Full details of  all payments  made to and  receivable by  Tony Buffin  in
   respect of his services as a Director of the Company will be disclosed  in
   the Directors' Remuneration Report within the Company's Annual Report  and
   Accounts for the year  ending 31 December 2019,  and subsequent years,  if
   appropriate. To note the following:

     • Tony will be  on garden leave  for a  period that will  not exceed  12
       months. In accordance  with his service  agreement, during the  garden
       leave period  he  will receive  his  salary and  contractual  benefits
       (including  pension  contributions  /  allowance).  He  is  under   an
       obligation to  seek new  employment and,  should he  start a  new  job
       before this  12  month period  ends,  his salary  payments  (including
       pension contributions  /  allowance)  and  contractual  benefits  will
       cease.
     • As he has worked the full  2018 performance year, he will be  eligible
       for a bonus for  that period. Any  bonus awarded will  be 50% paid  in
       cash and 50%  delivered in  deferred shares under  the Deferred  Share
       Bonus Plan ("DSBP"), vesting three years from grant. No bonus will  be
       paid in respect of any period for employment in 2019.
     • Tony will be treated as a "good leaver" in respect of his share plan
       awards:

    

     ◦ His Co Investment Plan and Performance Share Plan ("PSP") awards will
       vest on the normal vesting date, subject to performance assessment and
       time pro-rating (and in the case of the PSP, to the extent options
       vest, the applicable post-vesting holding period will continue to
       apply).
     ◦ His DSBP awards will vest in full on the normal vesting date.

    

     • No share awards under any of the Group's share schemes will be made to
       Tony in 2019, except that (as noted above) 50% of any 2018 bonus  will
       be deferred into shares under the DSBP.

    

   Enquiries:

    

   Travis Perkins Tulchan Communications

   Graeme Barnes  David Allchurch

   +44 (0) 7469 401819 +44 (0) 207 353 4200

    1 graeme.barnes@travisperkins.co.uk

    

   Zak Newmark

   +44 (0) 7384 432560

   zak.newmark@travisperkins.co.uk

    

   ══════════════════════════════════════════════════════════════════════════

   ISIN:          GB0007739609
   Category Code: BOA
   TIDM:          TPK
   LEI Code:      2138001I27OUBAF22K83
   Sequence No.:  7617
   EQS News ID:   780979


    
   End of Announcement EQS News Service

   ══════════════════════════════════════════════════════════════════════════

    2 fncls.ssp?fn=show_t_gif&application_id=780979&application_name=news&site_id=reuters8

References

   Visible links
   1. mailto:graeme.barnes@travisperkins.co.uk


============