Ferguson (LSE:FERG)
Historical Stock Chart

From Jun 2019 to Jun 2024

Building supplies group Wolseley PLC (WOS.LN) said Tuesday that Ian Meakins was replacing its chief executive Chip Hornsby, who is stepping down with immediate effect.

Meakins was recently Chief Executive of foreign exchange and payments business Travelex Holdings and ran Alliance UniChem before its merger with Boots in July 2006.

He has also worked with international drinks group Diageo PLC (DEO).

"I look forward to getting to know the business and working with employees to help manage through the current tough conditions, while further clarifying the strategy and execution to ensure we deliver value to our shareholders," said Meakins in a statement.

Meakins will assume the role from July 13.

Hornsby had been CEO since August 2006 after holding a number of roles in Wolseley since joining the firm in 1982.

The company has been hit hard by the building slump in the U.S., causing it to recently post an 80% fall in pretax profit for the first nine months of its fiscal year.

Wolseley recently raised GBP1 billion through a capital raising and sold its Stock Building Supply unit in a move to shore up its balance sheet.

 
   Company Web site: www.wolseley.com 
 

-By Michael Carolan, Dow Jones Newswires; 44-20-7842-9278; michael.carolan@dowjones.com