18th Dec 2019 08:49
(Alliance News) - Ferguson PLC on Wednesday said it has appointed Simon Oakland as interim chief executive of Wolseley UK, replacing Mark Higson.
Higson - who is stepping down to pursue an opportunity outside of the firm - will be leaving at the end of January 2020. Ferguson said it has already started a search for Higson's permanent successor.
Meanwhile, Oakland currently serves as CEO of Ferguson's Canadian business and head of corporate development. He has also been project managing the Wolseley UK demerger process since September.
Back then, the plumbing & heating products supplier announced its intention to demerge its UK operations, Wolseley UK, evaluating a new listing structure for its businesses following a review.
Upon completion of the demerger, Wolseley UK is expected to become an independent listed company, serving residential and commercial trades people and customers in the UK, while the remaining Ferguson business will serve North America.
On Wednesday, Ferguson said preparation for the demerger of Wolseley UK is "well underway", and the FTSE 100-listed company still expects to complete the transaction in 2020.
Ferguson said it will provide an update on the progress and timing of the transaction in the first quarter of 2020.
The stock was trading 0.3% higher in London on Wednesday at 6,990.00 pence a share.
By Evelina Grecenko; [email protected]
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