Chip Hornsby, chief executive of builders and plumbers merchant Wolseley, has left the company with immediate effect after three years. The share price rose 4% as a result.
Hornsby is being replaced by Ian Meakins on July 13, the former chief executive of foreign currency exchange business Travelex , who will earn an annual salary of £775,000.
Meakins said he would help to manage the firm “through the current tough conditions, while further clarifying the strategy and execution to ensure we deliver value to our shareholders”.
Hornsby will receive 12 months salary, or around £750,000, as a payoff. When he took over from Charlie Banks three years ago, Wolseley shares were trading at around £47.