Ferguson plc recently announced John Martin, group CEO, will step down Nov. 19, and will be succeeded by current Ferguson CEO Kevin Murphy.

Martin joined the board as CFO in 201 before being appointed to the CEO position in 2016 based in the United Kingdom.

During his tenure, Ferguson plc noted, the group has been significantly simplified and strengthened, substantially improving its market positions and generating excellent returns for shareholders, it said.

Murphy joined the board in August 2017 when he was appointed CEO of Ferguson’s U.S. operations. Before that, Murphy was COO for 10 years after having joined Ferguson in 1999 following the acquisition of his family’s business, Midwest Pipe and Supply. Ferguson plc noted the business has generated strong, profitable growth and continued to take market share under Murphy’s leadership and has continued to rapidly execute Ferguson’s successful strategy.

“John’s contribution to Ferguson over nearly 10 years has been outstanding, as is evident from the market-leading positions of our businesses, the strength of our management team and the excellent financial performance of the business over that period,” Ferguson plc Chairman Gareth Davis said. “He leaves the business in great shape and I would like to thank him for the significant contribution he has made to Ferguson.

“I am delighted that Kevin Murphy will take over as group CEO. Kevin is a very capable and highly respected leader, he has unparalleled experience of our industry and an excellent track record of delivery at Ferguson. The board is confident that he will provide the strong leadership required to capitalize on the substantial opportunities in these large, attractive and fragmented markets.”

Martin added: “It has been a huge honor to serve Ferguson for nearly 10 years. I am extremely proud of the achievements of the company, which are wholly attributable to our talented and dedicated associates. I am also delighted that I will be succeeded by an executive as talented as Kevin Murphy, under whose leadership I am confident that the company will continue to go from strength to strength.”