The boss of building supplies firm Travis Perkins is set to stand down after five years in the role as the firm grapples with tough trading.
Chief executive Nick Roberts will remain with the firm while it hunts for his replacement, the group said.
His departure follow just weeks after Travis signalled another challenging year ahead after seeing annual pre-tax profits plummet to £70 million from £245 million in 2022.
Underlying operating profits slumped 39% to £180 million.
The group, which also owns the Toolstation chain, has been hit hard by the UK housebuilding downturn, as well as weaker demand for home improvements and repairs.
It said: “The board and Nick are aligned that now is the right time to search for a new leader to take the business forward and the nominations committee is currently undertaking a thorough search process for Nick’s successor.”
Jasmine Whitbread, chair of Travis Perkins, said: “While there has been good progress made in modernising the business, the board fully recognises the under-performance of the business over recent reporting periods, in the context of continued economic challenges and end-market weakness.
“We remain fully focused on improving profitability and enhancing cash generation, as well as accelerating changes to our operating model to create a simpler, more efficient business, well positioned to emerge stronger when markets recover.”
Mr Roberts said: “Travis Perkins is a great company with a talented team and I have been privileged to serve as chief executive for the last five years.
“I am proud of the progress we have made in modernising the company.
“While the board identifies my successor, I will continue to rigorously execute on our plan and drive performance.”
The firm warned on reporting annual figures earlier this month that the UK construction sector is unlikely to see any serious recovery until after the upcoming general election expected later this year.
It also revealed at the time that it was considering exiting its French Toolstation business, which has 51 shops across the country, and is reviewing its options for the 119-strong Toolstation Benelux chain.