Chip Hornsby -- British CEO's resignation prompts surge in shares

Wolseley Chief Executive Chip Hornsby is stepping down and will be replaced by former Travelex CEO Ian Meakins. Hornsby's 3-year tenure at the British building supplies company was characterized by a 75% loss in share value.

As an immediate result of the change in leadership, share values have surged 6%.

Reuters reported:

British building supplies company Wolseley Plc said on Tuesday that Chief Executive Chip Hornsby would step down with immediate effect, prompting a 6 percent surge in its shares.

The plumbers and builders merchant said Ian Meakins would succeed Hornsby on July 13. Meakins has held positions as chief executive of Travelex Holdings Ltd and Alliance Unichem Plc until its merger with Boots.

"The management changes are a positive for Wolseley," Imran Akram at Collins Stewart said.

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