Travis Perkins: Directorate Change (793295)
March 29 2019 - 2:01AM
UK Regulatory
Dow Jones received a payment from EQS/DGAP to publish this press
release.
Travis Perkins (TPK)
Travis Perkins: Directorate Change
29-March-2019 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
Travis Perkins plc
("Travis Perkins" or "the Group")
CEO Succession Announcement
Travis Perkins today announces that following a rigorous and wide-ranging
selection process John Carter will step down as CEO and from the Travis
Perkins Board on 5 August 2019. He will be succeeded as CEO by Nick Roberts,
currently CEO of Atkins (formerly the business of WS Atkins plc). Nick will
join the business as a Director of Travis Perkins and CEO designate on 1
July 2019. To ensure a smooth handover, John will remain with the Group
until the end of 2019.
Stuart Chambers, Chairman of Travis Perkins commented:
"On behalf of the Board I would like to thank John for his exceptional
leadership which leaves Travis Perkins well placed to meet its customers'
needs and to continue to deliver long term value growth for its shareholders
and other stakeholders. John has given over 40 years of dedicated service to
Travis Perkins, serving as a Director for 18 years and as CEO for the last 5
years, substantially improving the business during his tenure as CEO. He has
led the Group through periods of major change and demonstrated strong
leadership during a period of significant investment and considerable market
uncertainty. He has been the architect of the strategy to reshape the Group,
refocusing on delivering best-in-class service to our trade customers and
simplifying the Group, including the planned sale of the Plumbing & Heating
business after its successful transformation. John will leave as his legacy
a strong trade focused business of great integrity with well-established
inclusive values and an accomplished management team which is well-placed to
deliver the Group's strategy.
We are delighted to announce Nick's appointment. Nick joins us from his role
as CEO of Atkins where he has been running a significant relationship-led
global engineering, design and project management business. Nick has the
breadth of skills needed to grow the business and to build on the strategy
outlined in December. He has deep experience of the construction, design and
engineering industries; which coupled with his successes in the adoption of
digital, will prove invaluable in driving the Group's strategy into the
future."
John Carter commented:
"I have invested my working life with Travis Perkins and I am exceptionally
proud to have spent the last 5 years leading the business as CEO. It has
been a privilege to lead such a great company which has been built and
sustained by the efforts of colleagues right across the Group. Although it
is early days, I am pleased that the new strategy which we set out in 2018
is being successfully implemented and I look forward to working with Nick to
build on this momentum and ensure sustained progress towards the Group's
longer term strategic goals. I will leave in place a very talented and
experienced leadership team who collectively have over 200 years' experience
of merchanting and are focused on delivering excellent service to our core
trade customers."
Nick Roberts commented:
"I am delighted to be appointed as Travis Perkins' next CEO and am looking
forward to leading a great business full of talented and dedicated
colleagues. Customer expectations and sales channels are evolving rapidly,
and I am excited at the opportunity to bring my experience together with
that of the Group's management and to build upon the strong foundation that
John has put in place. Our focus will remain on best serving our trade
customers and building long term sustainable value for all of the Group's
stakeholders. I would like to commend John for the remarkable leadership he
has shown as CEO and I am looking forward to working closely with him during
the transition."
This announcement is made pursuant to the Company's obligations under
Listing Rule 9.6.11R.
There is no information to be disclosed under Listing Rule 9.6.13R.
This announcement contains inside information for the purposes of Article 7
of EU Regulation 596/2014.
The person responsible for arranging the release of this announcement is
Robin Miller, General Counsel & Company Secretary (Tel: +44 (0)1604 683041).
About Travis Perkins:
Travis Perkins is the UK's largest distributor of building materials to the
building, construction and home improvement markets; we've been helping
build Britain for over 200 years. With over 20 businesses in the Group, our
team of around 29,000 colleagues operate from more than 2,000 branches,
stores and sites around the UK.
The majority of our businesses are leaders in their respective markets, and
the Group serves a full range of building material customers ranging from
small trade customers and DIY to large developers and house builders.
In December 2018 Travis Perkins announced an updated strategy to focus on
delivering best-in-class service to its trade customers, and to simplify the
Group through the disposal of the Plumbing & Heating business and the
removal of the divisional structure to enable faster decision making, closer
to the customer.
Enquiries:
Travis Perkins Tulchan Communications
Graeme Barnes David Allchurch
+44 (0) 7469 401819 +44 (0) 207 353 4200
graeme.barnes@travisperkins.co.uk
Zak Newmark
+44 (0) 7384 432560
zak.newmark@travisperkins.co.uk
APPIX
Nick Roberts Biography:
Since 2017 Nick Roberts had been CEO of Atkins (formerly the business of WS
Atkins plc, a SNC-Lavalin Group Inc business), where he has been running
Lavalin's engineering, design and project management business employing
18,000 people globally with GBP2bn of revenue. Prior to that Nick was CEO of
Atkins' UK and European business where he particularly focused on strategy
based on organisational agility and rapid innovation, driving change across
the organisation and with clients, particularly around the fusion of the
digital and physical environment. He has previously held a variety of
positions within WS Atkins plc including as Strategy Director (America) and
several managing director positions across the group. A geologist by
training Nick started his career in consulting. He currently serves as a
Trustee and Deputy Chairman of the Forces in Mind Trust; and was appointed
by the Government to the Thames Estuary Commission. A passionate advocate
for diversity and inclusion, Nick sponsored Atkins' Women's Professional
Network in the UK and championed its STEM initiatives aimed at nurturing and
inspiring the next generation of infrastructure and engineering specialists.
Remuneration Disclosure:
Treatment of all elements of John Carter's remuneration will be in line with
Travis Perkins' current Directors' Remuneration Policy ("Policy"). He will
step down as CEO and from the Board of Travis Perkins on 5 August 2019. To
ensure a smooth handover he will continue to be employed until 31 December
2019. He will not receive payment in lieu of notice. As he will have worked
the full 2019 performance period, he will be eligible for a bonus for that
period (which in the ordinary course will be paid in March 2020) which, if
any is awarded, will be 50% paid in cash and 50% delivered in deferred
shares under the Group's Deferred Share Bonus Plan ("DSBP"), vesting three
years from grant. Other than awards of options made to him under the DSBP in
respect of the 2018 financial year's bonus, no other awards of shares or
options have been made to John in 2019. It is the Group's current intention
to treat John as a good leaver in respect of his share plan awards which
will vest on their normal vesting dates, subject to performance assessment
and time pro-rating. In the case of the PSP only, to the extent options
vest, the applicable post-vesting holding period will continue to apply.
Full details of all payments made to and receivable by him will be disclosed
on the Travis Perkins website in due course in compliance with Section 430
(2B) of the Companies Act 2006 and in the Directors' Remuneration Report
within the Company's Annual Report and Accounts for the year ending 31
December 2019, and subsequent years, if appropriate.
Nick will be paid in accordance with the Policy and such future Directors'
Remuneration policies as are approved by shareholders from time to time. He
will be eligible to receive the following key elements of remuneration; a
base salary (which will be initially set at GBP630,000 gross per annum), a
pension contribution (or pension salary supplement) of 10% of base salary,
an annual bonus of up to 180% of base salary dependent on performance and
awards of share options under the Group's employee share schemes including
the DSBP, Co Investment Plan and Performance Share Plan. Full details of
Nick's remuneration will be published in the Directors' Remuneration Report
within the Company's Annual Report and Accounts for the year ending 31
December 2019, and in subsequent years.
- ENDS -
ISIN: GB0007739609
Category Code: BOA
TIDM: TPK
LEI Code: 2138001I27OUBAF22K83
OAM Categories: 3.1. Additional regulated information required to be
disclosed under the laws of a Member State
Sequence No.: 7990
EQS News ID: 793295
End of Announcement EQS News Service
(END) Dow Jones Newswires
March 29, 2019 03:01 ET (07:01 GMT)
Travis Perkins (LSE:TPK)
Historical Stock Chart
From Apr 2024 to May 2024
Travis Perkins (LSE:TPK)
Historical Stock Chart
From May 2023 to May 2024