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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.
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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
1 zak.newmark@travisperkins.co.uk
APPENDIX
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 £2bn 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 £630,000 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 -
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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
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References
Visible links
1. mailto:zak.newmark@travisperkins.co.uk
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