SIG CEO Poached by Builders Merchant

CURRENT HEAD of roofing and insulation products supplier, SIG plc, will become the next chief executive of Travis Perkins.

Gavin Slark, 60, will take up the position at Travis Perkins no later than January 2026. He will succeed Pete Redfern who quit in March after just six months in charge for health reasons.

Gavin Slark joined SIG plc in 2023 following a 12 years running Dublin-based Grafton Group, which owns Chadwicks, Ireland’s largest building materials distributor.

He also previously ran plumbing and heating firm The BSS Group from 2006 to 2011, overseeing its £558 million sale to Travis Perkins.

His appointment to Travis Perkins follows a challenging few years for the construction materials industry, which is contending with higher interest rates and supply pressures.

Travis Perkins reported in its latest trading update for Q1,25 that its like-for-like revenues dipped by 2.1% in the quarter ending March due to lower volumes in its merchanting segment.

That came about a month after the company declared its operating profits were almost wiped out last year due to subdued activity in the private domestic repair, maintenance and improvement market.

The Northampton headquartered business also blamed lower commodity prices and uncertainty caused by the UK general election and last autumn’s budget.

Geoff Drabble, Chair of Travis Perkins, said: “Gavin brings with him unrivalled experience of the sector in addition to a long pedigree as a CEO of significant public companies.

“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.”

SIG CEO Poached

SIG shares plunged 14.7% to 15.4p by late Friday 9 May – the afternoon following the announcement of Slark’s appointment, making them the FTSE All-Share Index’s biggest faller.

In contrast, Travis Perkins shares were the FTSE 250’s best performer, rising by 5.8% to 617p. However, they have still dropped by around two-thirds since the summer of 2021.

Pete Redfern’s brief tenure at Travis Perkins, which he joined after Nick Roberts stood down as CEO, included the company downgrading its profit forecast for the second time in three months.

Andrew Allner, Chairman of SIG, said: “The board looks forward to continuing working with Gavin until his departure.

“He has steered the group well through a difficult period in the European construction industry.

“He will leave in place strong and experienced leaders in each of our businesses, all operating under SIG’s well-established devolved structure.”

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