(Sharecast News) - Travis Perkins announced on Wednesday that Nick Roberts, who has served as chief executive officer for five years, would be stepping down from his role and from the board.
The FTSE 250 building materials supplier said the decision came from a mutual agreement between Roberts and the board.
It said it was currently engaging in a comprehensive search to find Roberts' successor.
Meanwhile, Roberts had pledged to remain in his position until a new CEO was appointed.
"On behalf of the board, I would like to thank Nick for his dedication and contribution to the business over the last five years," said chair Jasmine Whitbread.
"While there has been good progress made in modernising the business, the board fully recognises the under performance of the business over recent reporting periods, in the context of continued economic challenges and end market weakness.
"We remain fully focused on improving profitability and enhancing cash generation, as well as accelerating changes to our operating model to create a simpler, more efficient business, well positioned to emerge stronger when markets recover and to grow shareholder value."
Nick Roberts said he had been "privileged" to be CEO for the past five years.
"I am proud of the progress we have made in modernising the company," he added.
"While the board identifies my successor, I will continue to rigorously execute on our plan and drive performance."
At 0848 GMT, shares in Travis Perkins were up 0.88% at 732.8p.
Reporting by Josh White for Sharecast.com.
Travis Perkins (TPK)