Why has Chip Hornsby left Wolseley? Here are some possible answers β¦
It would take three or four months to find a new chief exec for a company like Wolseley.
So itβs arguably no coincidence that it was three or four months ago Wolseley went cap in hand to investors to fund a Β£1bn rights issue.
βHereβs your money,β the big institutions could well have begun, βnow what are we getting in return?β
The head of Chip Hornsby could well be the answer β replaced as he was βwith immediate effectβ this week by former Alliance UniChem boss Ian Meakins. Chairman John Whybrow has denied there was investor pressure but Wolseley isnβt exaclty a βhire βem fire βemβ type company - it has had two finance directors in something like 30 years.
Hornsby, described by one analyst as βan American but modestβ, carried on the spending spree at the top of the market began by predecessor Charlie Banks that saw the building materials giant run into financial trouble earlier this year.
βA first class logistics man but a questionable strategic thinkerβ, was how another described him.
Either way he has left his job β a move the share price shows was broadly welcomed in City circles.
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