Wolseley to rebrand as Ferguson
Wolseley announced plans to change its name to Ferguson to better align itself with its North American brand.
“Ferguson now accounts for 84 percent of Group trading profit and we have decided to align the Group’s name with our most significant brand in our largest market. Whilst the Group will be known as Ferguson plc going forward we will continue to use the Wolseley name in the UK and Canada where it has strong local recognition," said John Martin, chief executive.
The company also announced that Frank Roach, CEO of Ferguson Enterprises, has indicated his intention to retire from Wolseley’s U.S. subsidiary. His career with Ferguson spanned over 40 years, since starting in the business as a graduate trainee. He was appointed CEO of Ferguson in 2009 and during his tenure he steered the business through an unprecedented period of expansion, delivering sustained rapid growth and achieving record trading margins.
Kevin Murphy will succeed Roach as CEO on August 1. He has been chief operating officer of Ferguson for the past 10 years and an integral member of the senior leadership team. He joined Ferguson in 1999 following the acquisition of his family's business, Midwest Pipe and Supply, and he has held several leadership positions including three years as Vice President of the Waterworks division.
The company also reported sales for the fiscal half year ended Jan. 31 of £8.4 billion ($9.1 billion), up 24.5 percent over the same period a year ago. Trading profit grew 25 percent to £515 million ($559.3 million).
U.S. revenue grew by 9.9 percent at constant exchange rates.