Travis Perkins: Directorate Change (793295)

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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. 
 
                             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: [phone]). 
 
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 
 
[phone] [phone] 
 
[e-mail] 
 
Zak Newmark 
 
[phone] 
 
[e-mail] 
 
                                  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)