Wolseley – the world's largest industrial distributor and No. 1 on Industrial Distribution's 2015 Big 50 List – announced Monday that CEO Ian Meakins expects to retire on Aug. 31, to be succeeded by current CFO John Martin.
Meakins has been Wolseley's CEO since July 2009, while Martin has been CFO since joining the company in 2010.
"It has been a huge privilege to have had the opportunity to lead Wolseley," Meakins said. "I am very proud of what all our teams have achieved together and the business is well placed for continued profitable growth and delivering attractive shareholder returns. I'm delighted that the Board has decided that John should succeed me as Chief Executive. He has the knowledge of the business and the skills and expertise to drive future growth and I know he will do an excellent job."
"I am greatly looking forward to the challenge of leading Wolseley and building on our track record of delivering great shareholder returns," Martin added. "Our focus on investing in our market leading businesses, commitment to developing our people and dedication to customer service has underpinned our success and will remain hallmarks of our business."
Along with those transitions, Wolseley's Board of Directors has appointed Simon Nichols as its new CFO. Nichols is currently the CFO of Wimborne Minster, U.K.-based Cobham plc, a technology company specializing in aerospace, defense, and communication, and before that was Group Finance Director at fellow U.K.-based Senior plc from 2008-2012. Wolseley said Nichols' start date is to be determined.