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)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.