Travis Perkins (LSE:TPK) boss Nick Roberts will stand down as chief executive of the building materials firm amid ongoing tough trading.
Having served in the role for five years, he will step down once a replacement has been found, Travis Perkins (LSE:TPK) said on Wednesday.
“The board and Nick are aligned that now is the right time to search for a new leader to take the business forward,” a statement read.
“The nominations committee is currently undertaking a thorough search process for Nick’s successor.”
This comes after the FTSE 250-listed firm unveiled a plummet in pre-tax profits from £245 million in 2022 to £70 million last year and signalled continued difficulty ahead.
“While there has been good progress made in modernising the business, the board fully recognises the underperformance of the business over recent reporting periods, in the context of continued economic challenges and end-market weakness,” chair Jasmine Whitbread added.
Shares climbed 0.8% to 732p on the news.