Travis Perkins, the renowned Northampton-based construction supplies behemoth, has announced Gavin Slark as its new leader for a substantial revitalisation project.
Set to commence his executive responsibilities by no later than 1 January, 2026, Slark steps up from his current role as CEO at SIG since 2023 and carries previous leadership experience from Grafton Group and The BSS Group prior to its acquisition by Travis Perkins, as reported by .
Pete Redfern, the former CEO who resigned due to health issues in March, will be succeeded by Slark.
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In relation to the appointment, Geoff Drabble, Travis Perkins' chair, shared with the London Stock Exchange: "The board and I are delighted that Gavin has agreed to join us."
Drabble expressed the team's anticipation of working alongside Slark: "We are all very much looking forward to working with him. Gavin brings with him unrivalled experience of the sector in addition to a long pedigree as a CEO of significant public companies."
Furthermore, Drabble highlighted Slark's qualifications for the company's future: "Gavin is well placed to continue the work we have started to refocus and change the way we operate in order to better serve our customers and work effectively with our suppliers, as well as engage and motivate our teams."
CEO tasked with turning around Travis Perkins
With Slark at the helm, one of the primary objectives will be navigating Travis Perkins through its financial resurgence.
After facing a startling 99 per cent nosedive in operating profit during 2024, alongside a near five per cent decline in revenue, the FTSE 250-listed enterprise places its recovery prospects firmly in Slark’s hands.
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Travis Perkins delivered a despondent report, attributing its disappointing results to "lower trading volumes and price deflation", despite having implemented "significantly improved cost discipline."
The firm, however, shone a light on the standout performance of its Toolstation division which celebrated an impressive 48 per cent increase in adjusted operating profit.
In a strategic move during 2024, Travis Perkins closed down its Toolstation France operations, as part of a wider strategy to cut costs and concentrate on primary business activities.
Investors continue to monitor closely the group's share price trajectory, which has been on a downward trend since late 2024.
From a high of 931p in October of the previous year, Travis Perkins' shares experienced a sharp decline, dipping to a low of 494p last month.
Nonetheless, there has been a recent resurgence in share value, with prices rebounding to 614p.
This boost in share price was spurred by early-May reports that the company had disposed of its specialist floor kit, i-joist, and staircase manufacturing business Staircraft to Gait Consulting for £24 million, a firm predominantly owned by Staircraft's founder.
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Subsequent to the announcement of a new CEO taking the helm, shares in the group surged over five per cent.
Yet, even with the recent revival, shares of Travis Perkins still lag markedly behind the summer 2021 peak of 1,784p.