LONDON (Alliance News) - FTSE 100-listed building materials distribution company Ferguson PLC said Wednesday it had appointed the boss of equipment rental firm Ashtead Group PLC Geoff Drabble as its chair designate.
Drabble - CEO at FTSE 100-listed Ashtead since 2007 - will replace current Ferguson Chair Gareth Davis following the 2019 annual general meeting. In 2018, the Ferguson AGM took place in late November.
"It is an immense privilege to be asked to serve as chairman of Ferguson," Drabble explained in a statement. "The business today has been transformed into a leader in specialist distribution, operating in attractive and fragmented markets with strong potential for further profitable growth in the years ahead. I look forward to working with the Ferguson team to achieve this."
Davis - chair since 2011 - will remain a director at Ferguson until January 2020 in order to "ensure an orderly handover of responsibilities".
Davis said: "It has been an honour to serve as Ferguson's chairman and it's the right time for me to step down with the business in great shape with a clear strategy and a sound platform on which to generate sustainable growth in the future."
Shares in Ferguson were 0.6% higher at 5,468.00 pence on Wednesday.
Ferguson (FERG)
Ashtead Group (AHT)