All change at the top for Wolseley
LEAMINGTON Spa building supplies group Wolseley has announced details of its new chief executive following the retirement of current CEO Ian Meakins.
The group announced today that Meakins intends to retire from the business at the end of August after seven years at the helm.
He will be succeeded by current Chief Financial Officer John Martin.
The board said that during his tenure, Meakins had significantly reshaped the group into a focused plumbing, heating and building products distribution business operating in attractive markets with leading positions.
It said the focus on customer service and developing its people had helped the group deliver very good results, while strong cash generation had enabled the company to continually invest in profitable growth through organic expansion and bolt-on acquisitions.
The board is hoping that the transition at the top will be a seamless one and that Martin will continue in the same vein as Meakins.
Martin is said to have extensive operational and financial management experience running large international businesses. The two men will work closely together to ensure an orderly handover of responsibilities.
The board has also announced Simon Nicholls as its new CFO. Nicholls is the current CFO of aerospace, defence and communications group, Cobham. Before joining Cobham, he was Group Finance Director at Senior, between 2008 and 2012. Prior to that, he spent nine years at Hanson in a number of financial roles before he became CFO for Hanson North America in 2003. He will join Wolseley following an appropriate notice period which is yet to be finalised.
Gareth Davis, Wolseley’s 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.
“In searching for his successor we conducted a rigorous review of potential candidates both internally and externally. I am delighted that John will step up to the CEO role. He has a great track record both during his time at Wolseley but also in his previous Executive career. His broad international experience and strong leadership capabilities will ensure that Wolseley continues to drive improved operational performance and capitalise on the significant opportunities to generate profitable growth.”
He said the board was also pleased to have secured someone as experienced as Nicholls as CFO.
“I am confident Simon’s operational skills and experience will make a significant contribution to the future development of Wolseley,” he added.
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.”
Martin added: “I am greatly looking forward to the challenge of leading Wolseley and building on our track record of delivering great shareholder returns. Our focus on investing in our market leading businesses, commitment to developing our people and dedication to customer service has underpinned our success and will remain hallmarks of our business.”
