Wolseley plc’s CEO Chip Hornsby has stepped down with immediate effect and will be replaced by the former chief executive of Travelex Holdings Ltd.
The Wolseley board’s announcement comes after a turbulent time for the merchant group, with profits squeezed and an additional £1bn of capital having to be raised, as well as continual cost-cutting.
Ian Meakins, also formerly the CEO of Alliance UniChem plc until its merger with Boots in July 2006, will start as Wolseley’s new CEO on July 13.
Outgoing boss Mr Hornsby, who joined the Wolseley Group through its acquisition of Ferguson in 1983, had been at the helm for nearly three years and led the drive to reduce costs and improve cash flow in response to increasingly challenging trading conditions arising from the global financial crisis.
“Ian brings a wealth of operational experience in global business, having undertaken a number of leadership roles in brand, retail and wholesale distribution operations on an international scale,” said Wolseley plc chairman John Whybrow.
