Directorate Change

RNS Number : 7327U

Wolseley PLC

30 June 2009

 



NEWS RELEASE

30 June 2009

CHIP HORNSBY STEPS DOWN AS WOLSELEY CHIEF EXECUTIVE

 WOLSELEY APPOINTS IAN MEAKINS AS SUCCESSOR

Wolseley plc announces that Chip Hornsby has stepped down as Group Chief Executive with immediate effect.

The Board is pleased to announce that Ian Meakins will succeed Chip as Group Chief Executive with effect from 13 July 2009. 

Chip has spent over 31 years in the construction materials distribution industry, joining the Wolseley Group through its acquisition of Ferguson in 1982. Since taking over as Wolseley CEO on 1 August 2006 he has led the drive to reduce costs and improve cash flow in response to increasingly challenging trading conditions arising from the global financial crisis. He leaves Wolseley following the completion of the £1 billion capital raising in April 2009 and the recent disposal of Stock Building Supply which have significantly strengthened the Group's financial position.

Ian Meakins, aged 52, was until recently Chief Executive of Travelex Holdings Ltd, the international foreign exchange and payments business.  Ian has considerable international operational experience and was previously Chief Executive Officer of Alliance UniChem plc until its merger with Boots in July 2006. Prior to that he was President, European Major Markets and Global Supply for Diageo plc, between 2000 and 2004, spending over 12 years with the company in a variety of international management positions.  He was also a non-executive director of mm02 plc.

Commenting, John Whybrow, Wolseley plc Chairman, said: 

'The Board recognises Chip's significant contribution to the Group throughout a long and distinguished career, including nearly three years as Chief Executive, during which time Wolseley has faced some extremely difficult market conditions, and we wish him well for the future.'

'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. His track record on improvement of business performance is impressive and we are delighted to welcome him as CEO.'

Ian Meakins said:

'Wolseley is a company with a proud history and an exciting long term future and I am delighted to be appointed Chief Executive. 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.'

-ENDS-

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Enquiries:
Analysts/Investors:
Derek Harding Director of Group Strategy and Investor Relations	[phone] [phone]
Media:
Mark Fearon Director of Corporate Communications	[phone]
Brunswick      Andrew Fenwick / Tom Williams	[phone]

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Notes to Editors

Wolseley plc is the world's largest specialist trade distributor of plumbing and heating products to professional contractors and a leading supplier of building materials to the professional markets. Group revenue for the year ended 31 July 2008 was approximately £16.5 billion and trading profit was £683 million. At 31 January 2009, Wolseley had around 63,000 employees operating in 27 countries namely: UK, USA, France, Canada, Ireland, Italy, The Netherlands, Switzerland, Austria, Czech Republic, Hungary, Belgium, Luxembourg, Denmark, Sweden, Finland, Norway, Slovak Republic, Poland, Romania, San Marino, Panama, Puerto Rico, Trinidad & Tobago, Mexico, Barbados and Greenland. Wolseley plc is listed on the London Stock Exchange (LSE: WOS) and is in the FTSE 100 index of listed companies.

About Ian Meakins
 

Ian Meakins, 52, is a British national who was educated at Cambridge University. He is married with three children.

2007 – 2009	Travelex Holdings Ltd Chief Executive
2004 – 2006	Alliance Unichem plc Chief Executive
1992 – 2004	Diageo plc (previously United Distillers & Vintners) Various international leadership positions
1988 – 1991	Kalchas Group (Management consulting) Founding Partner
1985 – 1988	Bain & Co Senior Manager
1978 – 1985	Procter & Gamble Brand manager

Mr Meakins will be paid an annual salary of £775,000 and will participate in the Company's established bonus and long-term incentive schemes. 

 

END

 

 

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