Stegeman Departs From Ferguson
Ferguson Enterprises has eliminated John Stegeman’s position of president and CEO "to reduce duplicate Wolseley CEO roles within North America," said Ferguson spokeswoman Denise Vaughn. The announcement was made last week by recently appointed Wolseley Group CEO Ian Meakins.
Frank Roach, CEO of Wolseley North America, will take on the additional duties of president and CEO of Ferguson as of Aug. 31.
Ferguson is a part of UK-based Wolseley plc's North American division. Both Ferguson and Wolseley North America are based in Newport News, VA, where Ferguson employs about 1,350 people.
Wolseley North America shrank in April when the majority share of Stock Building Supply was sold. Now, the division includes Ferguson and Wolseley Canada. These recent changes have occurred as Wolseley plc, the world's largest supplier of heating and plumbing gear, continues to suffer from the current housing slump in the United States.
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Source: Daily Press (Newport News, VA)