Why has Chip Hornsby left Wolseley? Here are some possible answers 鈥�
It would take three or four months to find a new chief exec for a company like Wolseley.
So it鈥檚 arguably no coincidence that it was three or four months ago Wolseley went cap in hand to investors to fund a 拢1bn rights issue.
鈥淗ere鈥檚 your money,鈥� the big institutions could well have begun, 鈥渘ow what are we getting in return?鈥�
The head of Chip Hornsby could well be the answer 鈥� replaced as he was 鈥渨ith immediate effect鈥� this week by former Alliance UniChem boss Ian Meakins. Chairman John Whybrow has denied there was investor pressure but Wolseley isn鈥檛 exaclty a 鈥渉ire 鈥榚m fire 鈥榚m鈥� type company - it has had two finance directors in something like 30 years.
Hornsby, described by one analyst as 鈥渁n American but modest鈥�, 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.
鈥淎 first class logistics man but a questionable strategic thinker鈥�, was how another described him.
Either way he has left his job 鈥� a move the share price shows was broadly welcomed in City circles.
Read the rest of this article in
