Wolseley plc announced that Chip Hornsby will step down immediately as Group Chief Executive after nearly three years. Replacing him will be Ian Meakins effective July 13.

Hornsby has been with the Wolseley Group since its acquisition of Ferguson in 1983, and was appointed Wolseley CEO in August 2006. He has led the drive to reduce costs and improve cash flow in response to increasingly challenging trading conditions arising from the global financial crisis. He leaves Wolseley following the completion of the $1 billion capital raising in April 2009 and the recent disposal of Stock Building Supply which have significantly strengthened the Group’s financial position.

Ian Meakins, 52, was until recently Chief Executive of Travelex Holdings Ltd, the international foreign exchange and payments business.  With considerable international operational experience, Meakins was previously Chief Executive Officer of Alliance UniChem plc until its merger with Boots in July 2006.

Commenting, John Whybrow, Wolseley plc Chairman said, "The Board recognizes Chip’s significant contribution to the Group throughout a long and distinguished career, including nearly three years as Chief Executive, during which time Wolseley has faced some extremely difficult market conditions, and we wish him well for the future.”

"Ian brings a wealth of operational experience in global business, having undertaken a number of leadership roles in brand, retail and wholesale distribution operations on an international scale. His track record on improvement of business performance is impressive and we are delighted to welcome him as CEO.”

As recently as last month, Supply House Times reported on Wolseley’s continuing struggle with declining markets, particularly in the United States. Current economic conditions have left the company with deteriorating numbers across the board.