Wolseley appoints interim chief executive ahead of Ferguson spin off
Ferguson has named Simon Oakland as interim chief executive of Wolseley to replace current boss Mark Higson, as the group continues preparations to spin off Wolseley next year.
Higson is stepping down at the end of January to become chief executive of building services company Algeco, and Ferguson has begun a search for a permanent successor.
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Oakland is currently chief executive of Ferugson’s Canadian division and head of corporate development, but he has also been project managing the demerger of Wolseley.
Ferguson announced plans to demerge Wolseley and list it separately in London in September.
The group changed its name from Wolseley to Ferguson two years ago to reflect the dominance of its US operations, which generates most of its revenue.
In a statement announcing Higson’s departure, Ferguson said preparations for the Wolseley demerger were “well underway”, and the company expects the process to complete in 2020.
An update on progress and timings of the transaction will be released in the first half, it added.
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Ferguson’s board also thanked Higson “for his service in restructuring the business” and wished him well for the future.
Ferguson’s shares were up 0.12 per cent in morning trading.