Directorate Change
Wolseley PLC
26 September 2005
NEWS RELEASE
26 September 2005
Board Changes
Wolseley plc announces Chip Hornsby as successor to Charlie Banks
as Group Chief Executive
Wolseley, the world's largest specialist distributor of plumbing and heating
products to professional contractors and a leading supplier of building
materials, is pleased to announce that Mr Claude (Chip) A.S. Hornsby, currently
Chief Executive of Wolseley North America and a director of the Company, is to
be appointed Group Chief Executive with effect from 1 August 2006 following Mr
Charles A. Banks' retirement on 31 July 2006.
Chip Hornsby (49), since joining Ferguson Enterprises as a graduate trainee 27
years ago, has had a number of increasingly challenging appointments, with the
past four years as President and Chief Executive Officer. In addition, Chip has
recently taken on the role of Chief Executive of Wolseley North America where
he is responsible for Wolseley's three North American businesses, namely
Ferguson Enterprises, Stock Building Supply and Wolseley Canada.
The Board will announce a successor to Chip in his North American role
consequent upon his appointment as Group Chief Executive in due course.
Commenting on the prospective appointment, John Whybrow, Chairman, said, 'I
wish to extend the Board's thanks to Charlie Banks for his outstanding
contribution to the Group in several key roles over the past 39 years and
particularly for leading the Group through an extensive period of growth and
change since 2001. During this time, Group sales have grown from £7.2 billion
to £11.2 billion, trading profit from £414.2m to £720.8m and the share price
increased by 250% from 468 pence to 1,174 pence. The Board wishes Charlie a
long, happy and well deserved retirement.
I am delighted that following an extensive and rigorous process, the Board has
chosen Chip Hornsby to lead Wolseley in the future. Chip has made a significant
contribution to the Wolseley Group since he was appointed to the Board in 2001
and I believe that he will provide us with the continuity the Company requires
over the next phase of its development. In his role at Ferguson he has grown
the business from a $3.4 billion business into the $7.1 billion enterprise it is
today, increasing profits by 187%. I have no doubt he will bring the vision,
commercial judgement and clear leadership necessary to the Group Chief Executive
role. I wish him every success and look forward to working with him in the
future.'
Commenting on his appointment Chip Hornsby said, 'I am delighted to be given the
responsibility of leading the Wolseley Group and to build on the legacy that
Charlie Banks will leave behind. Wolseley has shown an impressive record of
growth over many years, through both organic expansion and acquisitions. I am
confident that we will continue to build on that strong base to sustain and
expand the Group's development in existing and new international markets.'
The Company is also pleased to announce that Mr Andrew Duff, who joined the
Board as a non-executive director and became a member of the Remuneration
Committee in July 2004, will succeed Mr Robert Walker as Chairman of the
Remuneration Committee with effect from 1 November 2005. Mr Walker will remain
a member of the Remuneration Committee.
ENQUIRIES:
Investors/Analysts:
Guy Stainer 0118 929 8744
Head of Investor Relations 07739 778 187
Press:
Penny Studholme 0118 929 8886
Director of Corporate Communications
Notes to Editors
Wolseley plc is the world's largest specialist distributor of plumbing and
heating products to professional contractors and a leading supplier of building
materials in North America, the UK and Continental Europe. Group sales for the
year ended 31 July 2005 were approximately £11.3 billion and operating profit,
before goodwill, was £721 million. Wolseley has around 60,000 employees
operating in 13 countries namely: UK, USA, France, Canada, Ireland, Italy, The
Netherlands, Switzerland, Austria, Czech Republic, Hungary, Luxembourg and
Denmark. Wolseley is listed on the London and New York Stock Exchanges (LSE:
WOS.L, NYSE: WOS) and is in the FTSE 100 index of listed companies.
-- ENDS --
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