(Alliance News) - Travis Perkins PLC on Wednesday announced that Chief Executive Officer Nick Roberts will be stepping down once the board has chosen his successor.
The Northampton, England-based FTSE 250 builders' merchant said that Roberts and its board "are aligned that now is the right time to search for a new leader to take the business forward".
Travis Perkins said that "a thorough search process" is currently underway to select Roberts' replacement.
"I am proud of the progress we have made in modernising the company," Roberts commented. "While the board identifies my successor, I will continue to rigorously execute on our plan and drive performance."
Roberts has served as CEO of Travis Perkins for almost five years, having joined the company in July 2019. He was previously global president at WS Atkins PLC.
Chair Jasmine Whitbread said: "While there has been good progress made in modernising the business, theboard 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."
Travis Perkins has been plagued by a difficult macroeconomic environment in recent months, reporting decreased earnings earlier this month due to a "progressive downturn" in the new build housing and private domestic sectors.
"Weakness in the housing market has caused major ripples. A slowdown in new build housing means reduced demand for the products stocked on Travis Perkins' shelves," AJ Bell Investment Director Russ Mould commented in October after the firm made substantial cuts to its 2023 earnings guidance.
Travis Perkins shares were up 0.6% at 730.40 pence in London on Wednesday morning.
By Emma Curzon, Alliance News reporter
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Travis Perkins (TPK)