Topps Tiles CEO Matt Williams to step down

Tile specialist Topps Tiles said on Tuesday that chief executive Matt Williams has decided to step down from the board on 29 November following the release of the company’s full-year results.

Current chief financial officer, Rob Parker, will be appointed as group CEO effective from the same date. To ensure a smooth handover, Williams will remain as an advisor to the business until the end of May 2020.

Williams said: "It has been a really tough decision to leave Topps but I feel now is the right time for me to pursue a new challenge. Topps is, and will always remain, a very special company to both me and my family. It is a quality business with enormous strength in its specialism which it derives from its people and culture.

"It has been an honour and privilege to lead and work alongside everybody within the Topps family and I wish them all well for the future."

Broker Liberum said: "The news is unexpected, although may not come as too much of a surprise to many given his 12 years at the helm. He leaves the Topps group in very good shape, having established it as the specialist and clear market leader in UK domestic tiles, whilst also setting it up well to continue its expansion within the commercial segment.

"We are encouraged that current CFO, Rob Parker, who knows the business extremely well after 12 years in the role, will become the new CEO."

At 1015 GMT, the shares were down 1.9% at 71.80p.