Travis Perkins announces new CEO as cold weather sees profits fall

Builders merchant Travis Perkins has announced the appointment of a new chief executive officer - John Carter - who will replace the incumbent Geoff Cooper on 1 January 2014 (release).

Geoff Cooper has been CEO since 2005, and retires as he approaches his 60th birthday next March.

Commenting on the succession, non-executive chairman, Robert Walker said:

[Geoff] will of course be missed and we wholeheartedly wish him well as he develops his plural career.

John will be an excellent successor to Geoff. His entire career has been spent with Travis Perkins and he too has made a huge contribution to our success over a long period of time. He is one of the most experienced and highly regarded senior managers in the industry.

Travis Perkins also released results for the six months ended 30 June which saw profit before tax fall by £30m to £135m (release). The firm put this down to lower exceptional net credits following the Toolstation acquisition.

Geoff Cooper, chief executive, commented:

We anticipated a poor first quarter, however this was exacerbated by the early and cold weather and Easter. Lead indicators for the remainder of this year, and for 2014, are strengthening, with new housing leading the way.