25 July 2013
Travis Perkins plc
("Travis Perkins" or "The Company")
Chief Executive Officer to retire
and
Appointment of New Chief Executive Officer
Travis Perkins announces that Geoff Cooper, its Chief Executive Officer since 2005, will be retiring as a director and full time employee upon his 60th birthday on 6 March next year and will be stepping down as Chief Executive Officer on 1 January 2014. He will be succeeded from that date by the current Deputy Chief Executive, John Carter. Geoff has agreed to remain as a part time senior management adviser, with a particular brief to assist with the further development of the Group's successful Toolstation business, for a period of 12 months from his retirement.
Geoff has overseen a highly successful strategy and led the executive team through some of the most demanding trading conditions the industry has ever seen. Turnover has grown from £1.83 billion to £4.85 billion in the year ending December 2012, market capitalisation from £2 billion to £4.1 billion and profit before tax from £190 million to £300 million. Travis Perkins is now the largest supplier of building and construction materials in the UK and recently became a constituent of the FTSE 100 for the first time in its history.
Following a thorough review by the Nominations Committee of the future requirements of the company and a review of both external and internal candidates, the board has decided unanimously to appoint the current Deputy Chief Executive, John Carter, as the new Chief Executive Officer with effect from 1 January 2014.
John started with Sandell Perkins as a management trainee in 1978; he has experience of a wide range of operational and commercial functions and has enjoyed success in delivering many of the initiatives that have driven the company's growth. Latterly, as part of a comprehensive 3-year succession plan, he has taken additional responsibility for critical central functions, including technology and business development.
Commenting on the succession, Non-Executive Chairman, Robert Walker said:
"Geoff has made an outstanding contribution to the success of Travis Perkins. He has managed the company through a number of important landmarks and has created and led a management team that is widely regarded as the best in the sector; the culmination of a very successful executive career. He will of course be missed and we wholeheartedly wish him well as he develops his plural career.
"John will be an excellent successor to Geoff. His entire career has been spent with Travis Perkins and he too has made a huge contribution to our success over a long period of time. He is one of the most experienced and highly regarded senior managers in the industry and the board has every confidence that, working with our CFO, Tony Buffin, he will lead our executive team with distinction, and continue to drive the company forward."
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Enquiries: |
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Robert Walker, Non-Executive Chairman |
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Travis Perkins plc |
+44 (0) 1604 683 222 |
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David Bick/Mark Longson |
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Square1 Consulting Limited |
+44 (0) 20 7929 5599 |
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Note:
Geoff Cooper is also Non-Executive Chairman of Dunelm Group plc and Chairman of the Construction Products Association.
