Ferguson to focus on NA market, spin off UK business
Ferguson plc announced plans to "demerge" its UK operations, subject to shareholder approval.
"The separation will further simplify the Group and will enable Wolseley UK to focus exclusively on customers in the UK market. Following the demerger Ferguson will be wholly focused on serving customers in North America," according to a company statement.
The company also announced that Group CEO John Martin will step down on Nov. 19, and will be succeeded by Kevin Murphy, current CEO of Ferguson's U.S. operations.
“I am delighted that Kevin Murphy will take over as Group CEO. Kevin is a very capable and highly respected leader, he has unparalleled experience of our industry and an excellent track record of delivery at Ferguson. The Board is confident that he will provide the strong leadership required to capitalise on the substantial opportunities in these large, attractive and fragmented markets," said Gareth Davis, chairman of Ferguson plc.
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