Shares in Travis Perkins (LSE:TPK) rose 6% on Friday after the company appointed Gavin Slark as its next chief executive, aiming to bring stability after a year marked by rapid leadership changes.
Slark, currently CEO of SIG, will take over by January 2026. He replaces Pete Redfern, who stepped down earlier this year due to ill health, only months after succeeding Nick Roberts in September 2024.
Slark is a familiar figure in the sector, having led The BSS Group, acquired by Travis Perkins in 2010, and spent over a decade at Grafton Group. He joined SIG in 2023 and has since overseen a strategic turnaround.
Peel Hunt welcomed the move, calling it “clearly a positive” and saying Slark’s track record should be well received by investors.
The broker maintains a ‘buy’ rating and 750p target, noting the shares offer a 13% free cash flow yield and currently trade at 11 times expected 2026 earnings.
The shares rose 37.5p to 620.5p.