Ian Meakins, chief executive of struggling UK plumbing and heating group Wolseley, has announced plans to retire after seven years in the role.
Meakins, who will leave Wolseley in August, will be replaced by current chief financial officer John Martin.
The role of chief financial officer will be taken on by Simon Nicholls, currently at aerospace firm Cobham.
Chairman Gareth Davis thanked Meakins for his “outstanding contribution” to the firm.
Wolseley shares have been plunging since the homebuilder warned of sinking revenue growth in September, feeling the impact of a cooling UK housing market. It said it expected to generate like-for-like revenue growth of about four per cent in the six months to January 2016, down from a six-month forecast of six per cent it gave in June.
In November, the firm reported a 21 per cent drop in UK trading profits.