Founder and CEO of £1.3bn joinery group set to retire
The CEO and founder of Howden Joinery Group, Matthew Ingle, has announced he is stepping down at the beginning of 2018 after 22 years in the role.
Ingle founded Howdens in Yorkshire in 1995, with 14 depots and first year sales of £1m. Under his leadership the company has grown, reporting annual sales of more than £1.3bn, profit before tax of £237m and more than 450,000 account holders last year.
Howdens currently operates from 650 depots across the UK, and sees scope for up to 800. It still manufactures kitchens in the region but is now registered in London.
He will be replaced by Andrew Livingston, current CEO of Screwfix Direct, a division of Kingfisher plc.
Livingston has been with Screwfix since 2009 and the CEO of Screwfix since 2013. Before joining Screwfix, he was commercial director and chief operating officer of Wyevale Garden Centres. Prior to that he was the commercial director of Kitchens and Bathrooms at B&Q.
Livingston is an independent non-executive director at LondonMetric Property, a FTSE 250 company.
Richard Pennycook, chairman of Howdens, commented: “Having founded Howdens in 1995, Matthew has been its driving force for more than twenty years. On behalf of the Boarand all our colleagues I thank him for his exceptional leadership.
“In addition to building a strong, growing and unique business whose culture is testament to his character, he has also created outstanding shareholder value. In recognition of his unique contribution to Howdens, the Board has asked Matthew to become Howdens’ honorary Lifetime President.
“I am very pleased to be able to welcome Andrew to Howdens. Under his leadership, Screwfix has shown very strong organic growth, at the same time as a significant trade counter rollout programme.”
Matthew Ingle, CEO, said: “Selling kitchens trade-only to builders was a new concept in 1994 and I must thank Derek Hunt from MFI for having faith in us and for backing the idea. When Howdens first started trading a year later with just forty people and five kitchen ranges, I could not imagine the journey we would undertake. Thanks to our builder customers, we grew quickly, weathered both the problems with MFI in 2005 and the financial crisis, to emerge as a business which in the past few years has grown strongly and invested significantly in its future.
“Howdens is well set for the future, and I believe that now is the right time for me to step down and pass the baton on to Andrew. As a company we have done well, are doing well and have great prospects for the future. I believe the company has the resources to look forward and to develop a new chapter in its development, and there are exciting choices for the new generation of leaders to make. I am very pleased that I will continue to be in touch with Howdens in the role of Lifetime President.”
Andrew Livingston said: “I am delighted to be joining Howdens. I have always admired the brand and I look forward to building on the excellent foundations to drive the business through its next phase of development and create further value for all its stakeholders.”
He will become a member of Howdens’ Board when he leaves his current employer and will take over as CEO following a handover period with Matthew.
