(Reuters) -British building materials supplier Travis Perkins said on Monday its CEO Pete Redfern was stepping down due to ill health, sending the company’s shares down nearly 6% to their lowest since March 2020.
Chairman Geoff Drabble will work with Travis Perkins’ management to ensure business stability as it begins the search for Redfern’s successor, the company said.
Redfern, the former chief executive of homebuilder Taylor Wimpey, became the CEO of Travis Perkins in September 2024.
In October, after Travis Perkins lowered its annual profit forecast for the second time in three months, Redfern said among his immediate priorities were ensuring the group is ready for the anticipated recovery in the UK construction market.
The group has allowed itself to become distracted and overly internally focused, which has led to underperformance in recent periods, Redfern added.
The company is scheduled to report full-year results on March 18.
(Reporting by Chandini Monnappa in Bengaluru; Editing by Anil D’Silva, Vijay Kishore and Shounak Dasgupta)
