REG-Travis Perkins Travis Perkins: Directorate Change

Travis PerkinsAnnouncement

29/03/2019 07:05

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   Travis Perkins (TPK)
   Travis Perkins: Directorate Change

   29-March-2019 / 07:00 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.

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                               Travis Perkins plc

    

                       ("Travis Perkins" or "the Group")

    

                          CEO Succession Announcement

    

   Travis Perkins today announces that following a rigorous and  wide-ranging
   selection process John Carter  will step down as  CEO and from the  Travis
   Perkins Board  on 5  August 2019.  He will  be succeeded  as CEO  by  Nick
   Roberts, currently CEO of Atkins (formerly the business of WS Atkins plc).
   Nick will  join the  business as  a  Director of  Travis Perkins  and  CEO
   designate on 1 July  2019. To ensure a  smooth handover, John will  remain
   with the Group until the end of 2019.

    

   Stuart Chambers, Chairman of Travis Perkins commented:

    

   "On behalf of the  Board I would  like to thank  John for his  exceptional
   leadership which leaves Travis Perkins well placed to meet its  customers'
   needs  and  to  continue  to  deliver  long  term  value  growth  for  its
   shareholders and  other stakeholders.  John  has given  over 40  years  of
   dedicated service to Travis  Perkins, serving as a  Director for 18  years
   and as CEO  for the  last 5  years, substantially  improving the  business
   during his tenure as CEO.  He has led the  Group through periods of  major
   change and demonstrated strong leadership  during a period of  significant
   investment and considerable market uncertainty. He has been the  architect
   of  the  strategy   to  reshape  the   Group,  refocusing  on   delivering
   best-in-class service to  our trade customers  and simplifying the  Group,
   including the planned sale  of the Plumbing &  Heating business after  its
   successful transformation. John will  leave as his  legacy a strong  trade
   focused business of great integrity with well-established inclusive values
   and an accomplished management  team which is  well-placed to deliver  the
   Group's strategy.

    

   We are delighted to  announce Nick's appointment. Nick  joins us from  his
   role  as  CEO  of  Atkins  where   he  has  been  running  a   significant
   relationship-led  global  engineering,   design  and  project   management
   business. Nick has the breadth of  skills needed to grow the business  and
   to build on the strategy outlined  in December. He has deep experience  of
   the construction, design  and engineering industries;  which coupled  with
   his successes in the adoption of digital, will prove invaluable in driving
   the Group's strategy into the future."

    

   John Carter commented:

    

   "I  have  invested  my  working  life   with  Travis  Perkins  and  I   am
   exceptionally proud to have spent the last 5 years leading the business as
   CEO. It has been a privilege to  lead such a great company which has  been
   built and sustained by the efforts  of colleagues right across the  Group.
   Although it is early days, I am pleased that the new strategy which we set
   out in  2018 is  being  successfully implemented  and  I look  forward  to
   working with Nick to build on this momentum and ensure sustained  progress
   towards the Group's longer term strategic  goals. I will leave in place  a
   very talented and experienced leadership  team who collectively have  over
   200 years'  experience  of  merchanting  and  are  focused  on  delivering
   excellent service to our core trade customers."

    

   Nick Roberts commented:

    

   "I am delighted to be appointed as Travis Perkins' next CEO and am looking
   forward to  leading  a  great  business full  of  talented  and  dedicated
   colleagues. Customer expectations and sales channels are evolving rapidly,
   and I am excited at the  opportunity to bring my experience together  with
   that of the  Group's management and  to build upon  the strong  foundation
   that John has  put in place.  Our focus  will remain on  best serving  our
   trade customers and building  long term sustainable value  for all of  the
   Group's stakeholders.  I would  like to  commend John  for the  remarkable
   leadership he has shown as CEO and I am looking forward to working closely
   with him during the transition."

    

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

   There is no information to be disclosed under Listing Rule 9.6.13R.

   This announcement contains inside information for the purposes of  Article
   7 of EU Regulation 596/2014.

   The person responsible for arranging  the release of this announcement  is
   Robin Miller,  General  Counsel  & Company  Secretary  (Tel:  +44  (0)1604
   683041).

    

   About Travis Perkins:

    

   Travis Perkins is the  UK's largest distributor  of building materials  to
   the building,  construction  and  home  improvement  markets;  we've  been
   helping build Britain for over 200  years. With over 20 businesses in  the
   Group, our team of around 29,000  colleagues operate from more than  2,000
   branches, stores and sites around the UK.

    

   The majority of our  businesses are leaders  in their respective  markets,
   and the Group serves a full  range of building material customers  ranging
   from small trade customers and DIY to large developers and house builders.

    

   In December 2018 Travis Perkins announced an updated strategy to focus  on
   delivering best-in-class service to its  trade customers, and to  simplify
   the Group through the disposal of the Plumbing & Heating business and  the
   removal of  the divisional  structure to  enable faster  decision  making,
   closer to the customer.

    

   Enquiries:

    

   Travis Perkins Tulchan Communications

   Graeme Barnes  David Allchurch

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

   graeme.barnes@travisperkins.co.uk

    

   Zak Newmark

   +44 (0) 7384 432560

    1 zak.newmark@travisperkins.co.uk

    

    

                                        

                                    APPENDIX

                                        

                                        

   Nick Roberts Biography:

    

   Since 2017 Nick Roberts had been  CEO of Atkins (formerly the business  of
   WS Atkins  plc, a  SNC-Lavalin  Group Inc  business),  where he  has  been
   running Lavalin's  engineering,  design and  project  management  business
   employing 18,000 people globally with £2bn of revenue. Prior to that  Nick
   was CEO of Atkins' UK and European business where he particularly  focused
   on strategy based on organisational agility and rapid innovation,  driving
   change across the organisation and  with clients, particularly around  the
   fusion of the digital and physical  environment. He has previously held  a
   variety of positions within WS  Atkins plc including as Strategy  Director
   (America) and several  managing director  positions across  the group.   A
   geologist by training Nick started his career in consulting. He  currently
   serves as a Trustee and Deputy Chairman  of the Forces in Mind Trust;  and
   was appointed  by  the Government  to  the Thames  Estuary  Commission.  A
   passionate advocate for  diversity and inclusion,  Nick sponsored  Atkins'
   Women's Professional Network in the UK and championed its STEM initiatives
   aimed at nurturing and inspiring the next generation of infrastructure and
   engineering specialists.

    

   Remuneration Disclosure:

    

   Treatment of all elements  of John Carter's remuneration  will be in  line
   with Travis Perkins' current Directors' Remuneration Policy ("Policy"). He
   will step down as  CEO and from  the Board of Travis  Perkins on 5  August
   2019. To ensure a smooth handover he will continue to be employed until 31
   December 2019. He will not receive payment  in lieu of notice. As he  will
   have worked the full  2019 performance period, he  will be eligible for  a
   bonus for that period (which in the ordinary course will be paid in  March
   2020) which, if any is awarded, will be 50% paid in cash and 50% delivered
   in deferred shares under the  Group's Deferred Share Bonus Plan  ("DSBP"),
   vesting three years from grant. Other  than awards of options made to  him
   under the DSBP  in respect of  the 2018 financial  year's bonus, no  other
   awards of shares  or options have  been made to  John in 2019.  It is  the
   Group's current intention to treat John as a good leaver in respect of his
   share plan awards which will vest  on their normal vesting dates,  subject
   to performance assessment  and time  pro-rating. In  the case  of the  PSP
   only, to  the extent  options vest,  the applicable  post-vesting  holding
   period will continue to  apply. Full details of  all payments made to  and
   receivable by him will be disclosed  on the Travis Perkins website in  due
   course in compliance with Section 430  (2B) of the Companies Act 2006  and
   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.

    

   Nick will be paid in accordance with the Policy and such future Directors'
   Remuneration policies as are approved  by shareholders from time to  time.
   He will be eligible to receive the following key elements of remuneration;
   a base salary (which will be initially set at £630,000 gross per annum), a
   pension contribution (or pension salary supplement) of 10% of base salary,
   an annual bonus of up to 180% of base salary dependent on performance  and
   awards of share options under the Group's employee share schemes including
   the DSBP, Co Investment Plan and  Performance Share Plan. Full details  of
   Nick's remuneration  will  be  published in  the  Directors'  Remuneration
   Report within the Company's Annual Report and Accounts for the year ending
   31 December 2019, and in subsequent years.

    

                                    - ENDS -

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   ISIN:           GB0007739609
   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.:   7990
   EQS News ID:    793295


    
   End of Announcement EQS News Service

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References

   Visible links
   1. mailto:zak.newmark@travisperkins.co.uk


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