Taylor Wimpey plc (LON:TW) CEO Pete Redfern has announced plans to step down. He will remain in the role until a replacement has been found and the handover process is complete. No one has been named for the position as yet.
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Redfern said, “The business is in excellent health and is well positioned for strong future growth. Accordingly, I am confident that now is the right time for fresh leadership as Taylor Wimpey starts the next chapter.”
The shares were broadly flat following the announcement.
Taylor Wimpey CEO Stepping Down
Laura Hoy, Equity Analyst at Hargreaves Lansdown:
“News that Pete Redfern is stepping down from the helm at Taylor Wimpey comes as the UK’s housebuilders turn a corner following a rollercoaster 18 months due the pandemic. Under Redfern’s leadership, Taylor Wimpey took a more aggressive position than most of its peers, taking advantage of the uncertainty with a land buying spree. This has put the group in a strong position if the housing market remains robust, and Redfern’s successor will reap the benefits of this bold move.
But a new CEO could also inherit a host of problems if the housing market doesn’t hold up. For now, rising house prices have offset rising input costs, but at some point affordability could become an issue causing volumes to crumble. We’re not at that stage yet, but it’s something to be mindful of.
All told, this feels like the right time for a shift in leadership. Barring any unforeseen disruption over the next few months, Redfern’s measured departure should yield a relatively smooth transition.”
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