1503 GMT - The departure of Travis Perkins Chief Executive Pete Redfern, who stepped down Monday due to ill health, will likely delay a much-needed turnaround at the company, J.P. Morgan analysts say. Redfern's exit represents a setback to those hoping that under his leadership, the London-listed builders' merchant and home improvement retailer would be able to rectify issues such as its market-share loss, the analysts say. Shares are down 6.95% at 5.9 pounds following the announcement, and the analysts attribute this to the looming period of management uncertainty. "We think until a new CEO is announced, investors may prefer to remain on the sidelines," they write in a research note. (cristina.gallardo@wsj.com)
(END) Dow Jones Newswires
March 10, 2025 11:03 ET (15:03 GMT)
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