Travis Perkins has announced that Geoff Cooper, its chief executive officer since 2005, will be retiring as a director and full time employee on 6 March 2014 and will be stepping down as chief executive officer on 1 January 2014. He will be succeeded from that date by the current deputy chief executive, John Carter.

Mr Cooper has agreed to remain as a part time senior management adviser, with a particular brief to assist with the further development of the Group's Toolstation business, for a period of 12 months from his retirement.

In his role, Mr Cooper has overseen a successful strategy and led the executive team through some of the most demanding trading conditions the industry has ever seen. Turnover has grown from £1.83bn to £4.85bn in the year ending December 2012, market capitalisation from £2bn to £4.1bn and profit before tax from £190m to £300m.

Commenting on the succession, non-executive chairman, Robert Walker said: "Geoff has made an outstanding contribution to the success of Travis Perkins. He has managed the company through a number of important landmarks and has created and led a management team that is widely regarded as the best in the sector; the culmination of a very successful executive career. He will of course be missed and we wholeheartedly wish him well as he develops his plural career.

"John will be an excellent successor to Geoff. His entire career has been spent with Travis Perkins and he too has made a huge contribution to our success over a long period of time. He is one of the most experienced and highly regarded senior managers in the industry and the board has every confidence that, working with our chief financial officer, Tony Buffin, he will lead our executive team with distinction, and continue to drive the company forward."