Wolseley PLC Directorate Change (6791A)

TIDMWOS

RNS Number : 6791A

Wolseley PLC

28 March 2017

28 March 2017

Wolseley announces US CEO succession

Wolseley today announces that Frank Roach has indicated his intention to retire as CEO of Ferguson Enterprises, Wolseley's US subsidiary, and as an Executive Director of Wolseley plc on 31 July 2017. Frank's career with Ferguson has spanned over 40 years, since starting in the business as a graduate trainee. He was appointed CEO of Ferguson in 2009 and during his tenure he steered the business through an unprecedented period of expansion, delivering sustained rapid growth and achieving record trading margins. Under Frank's leadership Ferguson has also developed one of the largest e-commerce businesses in the USA growing revenues to nearly GBP2 billion.

The Board is pleased to announce that Kevin Murphy will succeed Frank as CEO of Ferguson Enterprises on 1 August 2017. Kevin has been Chief Operating Officer of Ferguson for the past 10 years and an integral member of the senior leadership team. He joined Ferguson in 1999 following the acquisition of his family's business, Midwest Pipe and Supply, and he has held several leadership positions including three years as Vice President of the Waterworks division. Kevin will report to Wolseley Group Chief Executive John Martin and will join the Board as an Executive Director on 1 August 2017 and will also serve on the Company's Executive Committee.

Wolseley Chairman Gareth Davis said:

"Frank has been an outstanding Chief Executive. Under his leadership, the business has developed into the leading specialist distribution business in the US, whilst maintaining an enviable track record of delivering superior service to customers and creating significant shareholder value. Since 1982, when Wolseley acquired Ferguson, the business has grown revenue from $142 million to $13.8 billion. I'd like to take this opportunity to thank him for his immense contribution to the business and for his distinguished service and we wish him well in his retirement."

Wolseley Chief Executive John Martin said:

"Frank's track record of recruiting and developing the best people in our industry and delivering great customer service to drive organic growth is exemplary, and we will miss him greatly. He leaves the business in great shape and I am delighted that Kevin will succeed him. Kevin is an outstanding leader with a strong track record of driving profitable growth and a deep understanding of our industry. He has the right skills and experience to lead the US business as it continues to execute its successful strategy."

Ferguson Enterprises CEO Frank Roach said:

"It has been a privilege to be part of such a wonderful organisation and team. This is a unique company staffed by great associates and I am very proud of what we achieved together. I'm delighted that the Board has chosen Kevin to succeed me. He has played a vital part in our success to date, and his skills, expertise and deep understanding of the business make him the ideal person to drive future growth in the USA."

There is no further information required to be disclosed pursuant to paragraph 9.6.13R of the Listing Rules in respect of Kevin Murphy.

For further information please contact

Wolseley plc

 
 Mark Fearon, Director of Corporate               +44 (0) 7711 
  Communications and IR                Mobile:     875070 
                                                  +44 (0) 7894 
 Mike Ward, Head of Communications     Mobile:     417060 
 

Brunswick (Media Enquiries)

 
                                              [phone] 
 Michael Harrison, David Litterick    Tel:     5959 
 

Notes to editors:

Kevin Murphy Biography:

Kevin Murphy was appointed Chief Operating Officer of Ferguson Enterprises in August 2007. Kevin joined Ferguson in 1999 as an operations manager through the acquisition of his family's business, Midwest Pipe and Supply. In 2001, Kevin was promoted to general manager of Ferguson's Waterworks business in Columbus, Ohio and subsequently became an area manager for the Northeast Waterworks region. In 2005, he was again promoted to business group manager for Waterworks and then was appointed as Vice President of Ferguson's Waterworks division in 2006. Originally from Columbus, Ohio, Kevin is a 1992 graduate of Miami University in Oxford, OH.

About Wolseley:

Wolseley plc is the world's largest specialist trade distributor of plumbing and heating products to professional contractors and a leading supplier of building materials, operating in North America, the UK and Continental Europe. Revenue for the year ended 31 July 2016 was GBP14,430 million and trading profit was GBP917 million. Wolseley has about 39,000 employees and is listed on the London Stock Exchange (LSE: WOS) and is in the FTSE 100 index of listed companies. In the USA the Company also operates a Level 1 ADR programme trading on OTCQX, the premier tier of the US over-the-counter market (Ticker: WOSYY). For more information, please visit www.wolseley.com or follow us on Twitter https://twitter.com/wolseleyplc.

This information is provided by RNS

The company news service from the London Stock Exchange

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March 28, 2017 02:02 ET (06:02 GMT)