Morning:
6°c
Beleaguered plumbing supplies group Wolseley has dumped its chief executive, the American Chip Hornsby.
Wolseley, the world's largest plumbing and heating group, which has been ravaged by the recession in the US, said the hapless Hornsby is leaving with immediate effect and will be replaced within the fortnight by Ian Meakins, a Brit and an experienced FTSE 100 director.
Meakins, who has been chief executive of the holiday money group Travelex for the past two years, was tapped up by Wolseley in the spring after the group got away its £1 billion rescue refinancing. Meakins quit Travelex last month.
He will arrive at Wolseley on £775,000 a year. Despite presiding over a collapse in Wolseley's fortunes, profits and shares, Hornsby will leave with a similar pay-off.
Before Travelex, Meakins was chief executive of drugs wholesaler Alliance UniChem, but left after its merger with Boots.
Prior to that, he had a dozen years at drinks giant Diageo.
"He may or may not know anything about plumbing but he has great experience in business-to-business roles, in wholesale and in retail," said one London executive who knows Meakins.
