Wolseley plc Announces Board

RNS Number : 0213G

Wolseley PLC

25 January 2010

 



NEWS RELEASE

25 January 2010

Wolseley plc Announces Board Changes

Wolseley plc announces the following Board changes:

Chief Financial Officer

Steve Webster is stepping down as Chief Financial Officer (CFO) and as an Executive Director on 31 March 2010.  He leaves Wolseley following the completion of the £1 billion capital raising in April 2009 and the disposal of Stock Building Supply which have significantly strengthened the Group's financial position.   The Board thanks him for his significant contribution to Wolseley over 15 years, and wishes him well for the future. 

The Board is pleased to announce that John Martin will join the Company and will succeed Steve Webster as CFO and an Executive Director of Wolseley plc on 1 April 2010, following an effective handover period.  He joins Wolseley from Alchemy Partners where he has been a partner since 2008.   Previously, he was CFO at Travelex Group between 2006 and 2008.  Prior to that, he spent six years at Hays plc, the specialist recruitment company, in senior finance positions including three years as CFO.  John, 43, is a chartered accountant. 

CEO Europe

In order to get greater focus on business unit performance and accelerate decision making in response to local market conditions, there will no longer be a role of Chief Executive Officer (CEO) of Europe. Therefore, Rob Marchbank, the holder of this role, is leaving the Group on 1 March 2010 and will cease to be an Executive Director with effect from that date.

Rob has spent over 27 years in the construction materials distribution industry, joining Ferguson as a management trainee in 1982. He was appointed CEO, Europe in January 2005, and in July 2008 he took on the additional responsibilities of Managing Director of Wolseley UK.  The Board thanks him for his significant contribution to the Group.

As a result of this action, the regional Managing Directors in the principal geographic regions in Europe, namely the UK, France and Nordic regions will now report to Ian Meakins, Group CEO.  Accordingly Steen Weirsoe, Managing Director of the Nordic Region and Philippe Gardies, Managing Director of France will also join the Group Executive Committee with immediate effect.

A recruitment process for a new Managing Director of the UK is underway. During the transition period Ian Meakins will assume overall operational responsibility for the UK.

Commenting, Ian Meakins, Wolseley plc Chief Executive Officer, said:

"I am delighted that John Martin will be joining the Company.  I have worked with him before and we were pleased to have been able to attract someone of his calibre and expertise.  I am confident John's operational skills and experience will make a significant contribution to the future development of Wolseley."

"I would like to thank Steve Webster for his dedicated service over the last 15 years. He has given valuable support and service to Wolseley and the management of the Company.  I am personally grateful to Steve for the help and assistance given to me and we wish him well for the future."

"On behalf of the Board I would like to recognise Rob Marchbank's significant contribution to the Group over a long career, including nearly three years as CEO, Europe. In particular, the Board is grateful for his stewardship of the UK business through one of the most difficult periods in its history. We wish him well for the future." 

"I am also delighted that Philippe Gardies and Steen Weirsoe are joining the executive team which will give us even greater focus on the performance of the businesses going forward."

There is nothing further required to be disclosed under Listing Rule 9.6.13 in respect of Mr Martin. 

-ends-

Enquiries:

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

About Wolseley 

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 in North America, the UK and Continental Europe. Group revenue for the year ended 31 July 2009 was approximately £14.4 billion and operating profit, before exceptional items and the amortisation and impairment of acquired intangibles, was £447 million. At 31 July 2009 Wolseley had around 51,000 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 is listed on the London Stock Exchange (LSE: WOS) and is in the FTSE 100 index of listed companies.

 

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