Taylor Wimpey CEO to step down after 15 years at the helm

Pete Redfern, the CEO of the UK’s third-largest housebuilder, Taylor Wimpey, is set to leave his role once recruiters have found a suitable replacement and a handover process has taken place.

Taylor Wimpey was created as the result of a merger between rival housebuilders Taylor Woodrow and George Wimpey in 2007, which Redgern helped to negotiate as the boss of George Wimpey.

Redfern joined George Wimpey as Finance Director in 2001, becoming CEO of the company in 2006 at age 37, which made him the youngest FTSE100 CEO at the time.

With Redfern expected to leave the business early next year, this will bring his tenure as CEO to 15 years, making it one of the longest of a CEO on the FTSE 100.

When commenting on the announcement, 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.”

Following the announcement, Taylor Wimpey shares were broadly flat.

Industry Reaction

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.”