Investors Block Wolseley CFO Appointment

Friday, May 27, 2016

Wolseley shareholders have staged an uprising to force the company to abandon its plans to appoint a new CFO, after concerns relating to irregularities at the company that the CFO had previously worked at.

The FTSE 100 listed company had said that it planned to appoint Simon Nicholls, the finance chief at Cobham, to the CFO position, and Gareth Davis, Wolseley Chairman, described Nicholls as a “class act”, however, Wolseley was forced to issue a short statement today to say that Nicholls would no longer be taking the post.

The announcement comes one month after Cobham posted a 70 percent slump in profits over the first quarter, and revealed plans to do a £500 million rights issue to reduce its debts. Two senior directors from Cobham’s wireless...

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