Reading, England-based Wolseley — No. 1 on Industrial Distribution's Big 50 List — announced Friday that the CFO it recruited this past January will not be taking the role after all.
The plumbing supplies distributor said in a statement to the Financial Times Stock Exchange that Simon Nicholls will not be joining the firm, not disclosing the cause.
"It's a confidential matter between Simon and the board," Reuters quoted a Wolseley spokesman.
In January, Wolseley had announced that Nicholls — CFO at aerospace and defense company Cobham — would become its new CFO. At that time it also announced the upcoming retirement of CEO Ian Meakins, which the company confirmed Friday will happen Aug. 31, and John Martin will succeed Meakins on Sept. 1.
The company said Friday David Keltner, CFO of U.S. subsidiary Ferguson Enterprises, would be appointed interim group CFO on Sept. 1, and that the selection process for a permanent group CFO would begin immediately.
