Chip Hornsby has stepped down as Wolseley Plc's group chief executive with immediate effect.
Ian Meakins will succeed Hornsby with effect from July 13, 2009.

John Whybrow, Wolseley Plc chairman, said: 'The Board recognises Chip's significant contribution to the Group throughout a long and distinguished career, including nearly three years as chief executive, during which time Wolseley has faced some extremely difficult market conditions, and we wish him well for the future.'

Ian Meakins was until recently chief executive of Travelex Holdings Ltd, the international foreign exchange and payments business. His experience includes a prior role as CEO of Alliance UniChem plc.

Whybrow added: 'Ian brings a wealth of operational experience in global business, having undertaken a number of leadership roles in brand, retail and wholesale distribution operations on an international scale. His track record on improvement of business performance is impressive and we are delighted to welcome him as CEO.'

Ian Meakins said: 'I look forward to getting to know the business and working with employees to help manage through the current tough conditions, while further clarifying the strategy and execution to ensure we deliver value to our shareholders.'

Hornsby joined the Wolseley Group through its acquisition of Ferguson in 1983 and took over as Wolseley's CEO in August 2006.