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Article: Wolseley welcomes new CEO.
- Article from:
- Industrial Distribution
- Article date:
- July 1, 2009
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Staff
Wolseley Plc's Chip Hornsby stepped down as chief executive officer at the end of June and was replaced by new hire Ian Meakins, effective July 13.
Hornsby was named Wolseley's CEO in August 2006 and led the company through a tough two years of falling profit as the U.S. housing market experienced its worst slump in recent memory. During the last two years, Hornsby led a cost-cutting effort that included a 1 billion-pound capital raising in April and the recent disposal of its U.S.-based Stock Building Supply through a joint venture with The Gores Group LLC in which Wolseley retained a 49 percent interest in the new company. In addition, Wolseley ...