(RTTNews) - Ferguson PLC (FERG.L, FERGY, WOSCF), a specialist distributor of plumbing and heating products, announced Tuesday its intention to demerge its UK operations subject to shareholder approval. The company also announced that it appointed Kevin Murphy as Group CEO, succeeding John Martin, who will step down on November 19.
Martin joined the Board as CFO in 2010 before being appointed to the position of CEO in 2016. The new CEO Murphy joined Ferguson in 1999 following the acquisition of his family's business, Midwest Pipe and Supply. He was Chief Operating Officer for 10 years, and joined the Board in August 2017 when he was appointed CEO of Ferguson's US operations.
Regarding the demerger of Wolseley UK, the company noted that the decision was taken after a detailed review of the Group's assets over several years. On completion of the transaction, Wolseley UK will become an independent listed Company serving residential and commercial trades people and customers.
Following the demerger, Wolseley UK will focus exclusively on customers in the UK market, while Ferguson will be wholly focused on North America.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.