Wolseley announced a name change to Ferguson plc, subject to shareholder approval. Ferguson is the most significant brand in the Wolseley Group of companies and accounts for 84% of the Wolseley’s profitability.
“We are proud to have the Wolseley Group adopt the Ferguson name. We have built a very strong brand over the last 64 years and are known for our performance reputation,” said Ferguson CEO Frank Roach. “The Ferguson name best represents the Group today, and will help create greater shareholder interest in the U.S.”
Effective Aug. 1, 2017, the new Ferguson plc will report in U.S. dollars, minimizing currency volatility. The company will remain listed on the London Stock Exchange and a member of the FTSE 100.
The company also announced that Ferguson chief executive 0fficer Frank Roach will retire on July 31, 2017. Current Ferguson chief operating officer Kevin Murphy will assume the role of chief executive officer effective Aug. 1, 2017. Roach was appointed chief executive officer of Wolseley’s North American Division in January 2006, and in August 2009, assumed additional responsibilities as chief executive officer of Ferguson. Murphy joined Ferguson in 1999 through the acquisition of his family’s business, Midwest Pipe and Supply. He has served in a variety of leadership roles and was appointed as Ferguson’s chief operating officer in 2007.
Under Roach’s leadership, Ferguson has grown through strategic acquisitions, organic growth and an unwavering focus on customer service.