Wolseley announces CEO and CFO succession

Published:  19 January, 2016

Wolseley plc has announced today that Ian Meakins, chief executive officer (CEO) is intending to retire on 31 August 2016. Mr Meakins was appointed CEO in July 2009 and during his tenure he has significantly reshaped the group into a focused plumbing, heating and building products distribution business operating in leading markets.

At the same time, the board announced that John Martin, who joined Wolseley in 2010 as chief financial officer (CFO), will succeed Ian as CEO. Mr Martin has extensive operational and financial management experience running large international businesses. Mr Meakins and Mr Martin will work closely together to ensure an orderly handover of responsibilities.

Mr Meakins said: "It has been a huge privilege to have had the opportunity to lead Wolseley. I am very proud of what all our teams have achieved together and the business is well placed for continued profitable growth and delivering attractive shareholder returns. John has the knowledge of the business and the skills and expertise to drive future growth and I know he will do an excellent job."

Simon Nicholls will succeed Mr Martin as CFO; Mr Nicholls is the current CFO of Cobham, a technology company specialising in aerospace, defence and communication. Before joining Cobham, he was group finance director at Senior between 2008 and 2012. He will join Wolseley following an appropriate notice period, which is yet to be finalised.

Gareth Davis, Wolseley plc chairman, said: “Ian has made an outstanding contribution during his tenure as CEO, transforming the Group’s businesses to deliver excellent service to our customers, developing our people and generating great returns for our shareholders. I am delighted that John will step up to the CEO role. His broad international experience and strong leadership capabilities will ensure that Wolseley continues to drive improved operational performance.”

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