Travis Perkins chief executive Nick Roberts is stepping down after five years in the role, just as soon as a replacement has been found.
Nick Roberts joined Travis Perkins at the age of 50 in July 2019 from consulting engineer WS Atkins and steered the business through the covid crisis.
Earlier this month Travis Perkins reported that pre-tax profits in 2023 had fallen to £70m, down from £245m in 2022, on revenue down 3% at £4,862m.
The board thinks the business is underperforming and wants fresh blood.
The previous chief executive, John Carter, also only got five years in the top job, despite having spent 30 years with the company before that point.
Travis Perkins chair Jasmine Whitbread said: “On behalf of the board, I would like to thank Nick for his dedication and contribution to the business over the last five years. 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: “Travis Perkins is a great company with a talented team and I have been privileged to serve as CEO for the last five years. I am proud of the progress we have made in modernising the company. While the board identifies my successor, I will continue to rigorously execute on our plan and drive performance.”
