Stock Building’s Minority Parent Shakes Up Brass

Stock Building Supply’s erstwhile owner and current 49% stakeholder Wolseley Plc has shaken up its top  management in the wake of selling 51% of Stock to Los Angelese private equity player the Gores Group in May.

ProSales editor Craig Webb reports:

Chip Hornsby stepped down as group chief executive, effective immediately. The move ends a nearly three-year period at the top in which Wolseley struggled to survive the global recession and ultimately ended up selling a majority stake in Stock, America’s second-biggest LBM dealer.

Ian Meakins, former chief executive of Travelex Holdings Ltd., a foreign exchange and payments business, will take over Wolseley on July 13, U.K.-based Wolseley announced.

This takes an 18-year Wolseley veteran Hornsby out of the strategic mix. Look for Gores to flex its muscle operationally as Stock’s reorg plays out, especially as the financial performance comes to light.

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June 30, 2009 | Filed Under Building Products & Materials 

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