Wolseley changes at the top

Published:  01 July, 2009

READING: Wolseley has announced that Chip Hornsby has stepped down as group chief executive with immediate effect and that Ian Meakins will succeed Mr Hornsby with effect from 13 July 2009.

Mr Hornsby has spent over 31 years in the construction materials distribution industry. Since taking over as Wolseley chief executive officer 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 £1bn 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, the international foreign exchange and payments business.

Wolseley chairman John Whybrow said that Mr Meakins "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.”

Mr 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.”

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