Wolseley CEO steps down

Wolseley chief executive Chip Hornsby has resigned with immediate effect.

Hornsby became chief executive of the building materials firm in August 2006, initially joining the firm through its acquisition of Ferguson in 1982.

Hornsby became chief executive in 2006, having joined the firm in 1982

John Whybrow, chairman of Wolseley, said: “The board recognises 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.”

The board said that the new CEO will be Ian Meakins, former head of Travelex.