Source - GNW


The Board of Travis Perkins PLC places great importance on management succession throughout the business and planning well in advance at the most senior levels in the Group.  As part of its longer term planning, the Company announces the following changes:

Tony Buffin is promoted from the role of Chief Financial Officer to Chief Operating Officer.  In his new role Tony will have line responsibility for the Plumbing and Heating Division as well as leading the development of Toolstation in the UK and Europe and will continue to play a pivotal role as an executive director on the Board.

Alan Williams will join the Group as Chief Financial Officer, replacing Tony and reporting to John Carter. Alan will join the Board as an executive director with effect from 3rd January 2017. 

Alan has a broad range of experience in both corporate and operational roles within large, complex and global public businesses. Currently the CFO at Greencore, Alan has played an important role as part of the team developing the business and increasing the market value from £200m to £1.4b over 5 years. His earlier career was spent with Cadbury Schweppes in a variety of commercial and operational finance roles in the UK, France and the USA. His most recent position there was Global Corporate Finance Director. Alan brings with him a strong background in leading strategic initiatives, mergers and acquisitions, integration and business transformation. He is a qualified accountant and treasurer.

Robert Walker, Non-Executive Chairman Travis Perkins PLC commented:

"On behalf of the Board and all stakeholders I would like to congratulate Tony on his promotion; since joining the Group Tony has developed a high quality finance team across the organisation,  helped drive and articulate our strategy for growth and our focus on returns, built strong relationships with our shareholders and analyst communities and significantly improved the cash and funding position of the Group".

"I am delighted that Alan Williams is joining the Travis Perkins Board.  We are fortunate that we have been able to attract such a strong senior finance professional with broad experience across multiple sectors. The Board is confident that Alan will contribute further to the development of the Group and returns to shareholders and we look forward to welcoming him to the team".

There is no other information required to be disclosed pursuant to LR 9.6.13R in respect of Alan Williams.


Matt Johnson 
[email protected]
+44 (0) 7584 491 284       

Tulchan Communications
David Allchurch
[email protected]
+44 (0) 207 353 4200


Alan Williams' remuneration arrangements

Alan William' service contract, remuneration and benefits will be consistent with the Travis Perkins Directors' Remuneration Policy approved by shareholders at the Annual General Meeting held on 28 May 2014.  The summary of the key terms is provided here and further detail will be set out in the Directors' Remuneration Report.

  • Salary, pension and benefits - Alan's salary will be £500,000 per annum, his pension contribution will be 25% of base salary and his benefits will be in­line with those set out in our remuneration policy.
  • Performance incentives - These remain unchanged from the approved arrangements for the current CFO,Tony Buffin. His maximum annual bonus will be 150% of base salary and he will receive a maximum award of 150% of base salary under the performance share plan.  Alan will also be eligible to invest up to 50% of his post­-tax salary under the co-­investment plan and receive a maximum matching award of up to 100% of salary.  Alan will participate in these incentive arrangements for 2017 and awards will be subject to the same performance measures as other Directors.
  • Forfeited incentives - On leaving his current employer Alan forfeited outstanding incentives under the deferred bonus and performance share plans.  The Committee determined that it was appropriate to 'buy-­out' these incentives.  The buy-­out awards have been structured as far as possible to be on a 'like for like' basis with awards forfeited in accordance with our remuneration policy. 
  • Deferred bonus shares1- Alan will be granted an award of shares with a value of c.£629,000 (the value of awards forfeited3).  These shares will vest in December 2017 and December 2018 in line with the vesting timing for the forfeited awards.   These shares will be subject to continued employment and have no further performance conditions (reflecting the terms of the forfeited awards). 
  • Performance share plan2 - Alan will also be granted an award of shares with a value of c.£806,000 (the value of awards forfeited3).  Prior to these awards being granted Alan has agreed to invest c.£403,000 (half the value of the grant award3) of his own cash in Company shares and to retain these for the vesting period.  These shares will vest 12 months and 24 months after the award is made and will be subject to continued employment and the achievement of stretching role specific objectives over these periods.  Further details of the performance measures attached to awards will be set out in the Directors' Remuneration Report.

Tony Buffin's remuneration arrangements will remain unchanged in his role as COO.

  1. Compensating deferred shares awarded in respect of 2014 and 2015 (vesting 2017 and 2018 respectively)
  2. Compensating performance share awards made in 2014 and 2015 (vesting December 2017 and 2018 respectively). An assumed vesting rate of 80% is applied based on an estimate of vesting for these awards.
  3. Based on an indicative Greencore share price of 3.46p. Actual value used will be the average mid-market share price from the date of announcement and the commencement of employment with Travis Perkins.

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Travis Perkins PLC via Globenewswire

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