Travis Perkins CEO Nick Roberts is stepping down after five years in the role, after recording a 39% drop in 2023 profits
Nick Roberts will step down as soon as a new CEO is found for Travis Perkins.
Both Nick and his predecessor, John Carter, served five years in the role.
Formerly of WS Atkins, Nick joined Travis Perkins in the summer of 2019 and saw the firm through 2020’s numerous crises, as well as the demerger with Wickes in 2021.
Travis Perkins’ profits have slumped in recent years
In early March, Travis Perkins reported a fall in pre-tax profits, going down from £245m in 2022 to £70m in 2023. Revenue was down 3% at £4,862m.
The company also suggested it was considering parting with its French Toolstation business, as well as the Toolstation Benelux chain.
City A.M. reported that bosses would not be recieving their bonuses after the fall in profits.
Nick Roberts said: “Travis Perkins is a great company with a talented team and I have been privileged to serve as CEO for the last five years. I am proud of the progress we have made in modernising the company. While the board identifies my successor, I will continue to rigorously execute on our plan and drive performance.”
Board chair Jasmine Whitbread thanked Nick for his work as CEO
Travis Perkins chair Jasmine Whitbread said: “On behalf of the board, I would like to thank Nick for his dedication and contribution to the business over the last five years. While there has been good progress made in modernising the business, the board fully recognises the under performance of the business over recent reporting periods, in the context of continued economic challenges and end market weakness.
“We remain fully focused on improving profitability and enhancing cash generation, as well as accelerating changes to our operating model to create a simpler, more efficient business, well positioned to emerge stronger when markets recover and to grow shareholder value.”
A Travis Perkins spokesperson said that: “The board and Nick are aligned that now is the right time to search for a new leader to take the business forward and the nominations committee is currently undertaking a thorough search process for Nick’s successor.”
