Wolseley chief executive Chip Hornsby stepped down from the position yesterday after almost three years. He leaves with immediate effect.
The past couple of years have not been easy for the merchant chain, with 3,000 job losses in the UK alone (more than 20,000 worldwide), a £1bn rights issue and financial results hit so hard by the recession, pre-tax profit plummeted 80%.

He will be replaced later this month by former Travelex chief exec Ian Meakins who will receive an annual salary of £775k.

Wolseley plc chairman John Whybrow 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.

"Ian brings a wealth of operational experience in global business, having undertaken a number of leadership roles in brand, retail and wholesale distribution operations on an international scale. His track record on improvement of business performance is impressive and we are delighted to welcome him as ceo."

Mr Meakins said: "Wolseley is a company with a proud history and an exciting long term future and I am delighted to be appointed chief executive. I look forward to getting to know the business and working with employees to help manage through the current tough conditions, while further clarifying the strategy and execution to ensure we deliver value to our shareholders."