Wolseley’s US plumbing arm loses CEO

Builders and plumbers merchant group Wolseley have parted company with John Stegeman, president and CEO of their US plumbing distribution business Ferguson Enterprises.

Last week, Wolseley Group CEO Ian Meakins said that the move was “to reduce duplicate Wolseley CEO roles within North America.”

Frank Roach, CEO of Wolseley North America, is to take on the additional duties of president and CEO of Ferguson from the end of August.

Wolseley has already reduced its exposure to the badly-hit US market by selling the majority stake in its Stock Building Supply business.