Travis Perkins (LSE:TPK) shares jumped by 5% as it appointed a new chief executive and chair marking a change in all three senior positions at the builders' merchant in the space of a few months
Pete Redfern takes over as chief executive from 16 September, replacing Nick Roberts who has held the post for five years and who had indicated he wanted to step down.
Redfern was CEO at housebuilder Taylor Wimpey until 2022 and had already been a non-executive at Travis Perkins (LSE:TPK) for nine years until last September.
He commented: “My initial focus will be on implementing and adding to the actions already underway to improve operational execution and increase the focus on efficiency and cash generation.”
Separately, the FTSE 250 group said Geoff Drabble would be its new non-exec chair from 1 October.
Drabble is also currently chair of Ferguson, the building materials distribution business listed on the New York and LSE and chair of DS Smith, the international packaging company.
Between 2006 and 2019 Drabble was chief executive of US-focused plant hire group Ashtead.
Jez Maiden, Interim Chair, commented: “With Pete Redfern announced as our new Chief Executive Officer and Duncan Cooper recently joining as Chief Financial Officer, we have a strong and experienced Board and leadership team to drive value for all our stakeholders.”
Duncan Cooper took over as chief financial officer in January.
Shares rose 5% to 840p.