Former Taylor Wimpey chief Pete Redfern only started new role last September
FTSE 250 builders merchant Travis Perkins has said that boss Pete Redfern is stepping down as chief executive with immediate effect.
Redfern, who turns 55 in August, was only appointed to the role last September after taking over from Nick Roberts.
He spent 14 years at housebuilder Taylor Wimpey before stepping down in 2022.
In a statement to the Stock Exchange this afternoon, Travis Perkins said: 鈥淩egrettably, as a result of ill health, Pete Redfern will be stepping down as Chief Executive Officer and from the Board with immediate effect.
鈥淐onsistent with the values of the Company, the Board supports Pete鈥檚 understandable decision to prioritise his health and wishes him a speedy and full recovery.鈥�
The company, which is due to release its 2024 results next Tuesday, said chairman Geoff Drabble would lead the business while a successor to Redfern was found.
It added: 鈥淸The firm] remains focused on progressing the actions that are already underway to improve performance, enhance profitability and create sustainable value for shareholders.鈥�
Drabble said: 鈥淭he Board and I are very sorry that Pete鈥檚 brief but promising tenure as CEO has been brought to a premature conclusion for reasons beyond his and our control, and which none of us had anticipated.
鈥淥n a personal level, and on behalf of the Board, I would like to thank Pete for his valuable contribution kickstarting the Group鈥檚 efforts to refocus on the customer experience and reenergise our field operations.鈥�
Last October, Redfern said the business had become 鈥渄istracted鈥� adding that he was taking direct control of its general merchants business in an effort to get the company back on track.
In its last set of results, the firm posted turnover flat at 拢4.9bn in 2023 on pre-tax profit down to 拢70m from 拢245m.
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