Travis Perkins: Directorate Change

Dow Jones received a payment from EQS/DGAP to publish this press release.

Travis Perkins (TPK) 
Travis Perkins: Directorate Change 
 
26-Feb-2019 / 07:01 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") 
 
                             Directorate Change 
 
On 4 December 2018 we set out the Group's strategy for the years ahead. 
There are two main pillars of that strategy: to focus on delivering 
best-in-class service to trade customers, and to simplify the Group to 
reduce business complexity, reduce our above-branch cost base and speed up 
decision making. The Group also announced its intention to explore the 
divestment of its Plumbing and Heating businesses following successful 
transformation. 
 
In the Group's full year 2018 results announcement, published today, we said 
that a key component of simplification is the removal of the existing 
divisional structure across the Merchanting businesses. Due to the changing 
shape of the Group, there will no longer be a Board-level Chief Operating 
Officer role and Tony Buffin steps down from the Board today and will be 
leaving the business. 
 
Tony joined Travis Perkins plc as Group Chief Financial Officer ("CFO") in 
April 2013, before being appointed as Group Chief Operating Officer ("COO") 
in 2017. He has made a significant contribution to the success and evolution 
of the Group. As CFO he led a significant upgrade in the organisation of the 
finance function and as COO he has executed a successful transformation of 
our Plumbing & Heating businesses while overseeing significant growth in 
Toolstation UK and the successful expansion of that business into new 
Continental European markets. 
 
Tony Buffin commented "I feel privileged to have worked with all of our 
amazing colleagues and to have been a member of the management team and 
Board as we have significantly expanded the business. I believe its renewed 
purpose and focus will lead to an even stronger and brighter future for the 
Group." 
 
Stuart Chambers, Chairman commented "On behalf of the Board and all our 
colleagues I would like to thank Tony for his valuable contribution to the 
Group's growth and success. In particular, his leadership of our Plumbing 
and Heating division has been pivotal in its successful transformation. I 
wish Tony every future success." 
 
This announcement is made pursuant to the Company's obligations under 
Listing Rule 9.6.11. 
 
                                                    Remuneration Disclosure: 
 
       Full details of all payments made to and receivable by Tony Buffin in 
   respect of his services as a Director of the Company will be disclosed 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. To note the following: 
 
? Tony will be on garden leave for a period that will not exceed 12 
months. In accordance with his service agreement, during the garden leave 
period he will receive his salary and contractual benefits (including 
pension contributions / allowance). He is under an obligation to seek new 
employment and, should he start a new job before this 12 month period 
ends, his salary payments (including pension contributions / allowance) 
and contractual benefits will cease. 
 
? As he has worked the full 2018 performance year, he will be eligible for 
a bonus for that period. Any bonus awarded will be 50% paid in cash and 
50% delivered in deferred shares under the Deferred Share Bonus Plan 
("DSBP"), vesting three years from grant. No bonus will be paid in respect 
of any period for employment in 2019. 
 
? Tony will be treated as a "good leaver" in respect of his share plan 
awards: 
 
? His Co Investment Plan and Performance Share Plan ("PSP") awards will 
vest on the normal vesting date, subject to performance assessment and 
time pro-rating (and in the case of the PSP, to the extent options vest, 
the applicable post-vesting holding period will continue to apply). 
 
? His DSBP awards will vest in full on the normal vesting date. 
 
? No share awards under any of the Group's share schemes will be made to 
Tony in 2019, except that (as noted above) 50% of any 2018 bonus will be 
deferred into shares under the DSBP. 
 
Enquiries: 
 
Travis Perkins Tulchan Communications 
 
Graeme Barnes David Allchurch 
 
[phone] [phone] 
 
[e-mail] 
 
Zak Newmark 
 
[phone] 
 
[e-mail] 
 
ISIN:          GB0007739609 
Category Code: BOA 
TIDM:          TPK 
LEI Code:      2138001I27OUBAF22K83 
Sequence No.:  7617 
EQS News ID:   780979 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

February 26, 2019 02:02 ET (07:02 GMT)