The board of Wolseley has decided 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, the specialist recruitment company, in senior finance positions including three years as CFO. John, 43, is a chartered accountant.
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 March 1, 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 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 recognize 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 Martin.
