Ferguson plc (LON:FERG) announced today that Geoff Drabble has been appointed as a Non Executive Director and will succeed Gareth Davis as Chairman after the 2019 Annual General Meeting, subject to shareholder approval. Gareth will step down as a Director in January 2020 to ensure an orderly handover of responsibilities.
Geoff joins Ferguson following a 12-year period as Chief Executive of Ashtead Group plc, the FTSE 100 industrial equipment rental company. He was previously an executive director of The Laird Group plc and held a number of senior management positions at Black & Decker. Geoff is also a Non Executive Director of Howden Joinery Group Plc.
Alan Murray, Senior Independent Director, said: “We are delighted to welcome Geoff to the Board of Ferguson. He is the ideal candidate, his record of value creation is outstanding and he brings a wealth of experience in the distribution, technology and manufacturing sectors, particularly in the USA.”
Geoff Drabble, Chairman Designate, said: “It is an immense privilege to be asked to serve as Chairman of Ferguson. 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.”
As well as his role as Non Executive Director and Chairman Designate, Geoff will also serve on the Nominations, Audit and Remuneration Committees of the Board.
Gareth Davis has served as a Non Executive Director of Ferguson for 16 years including nearly nine years as the Company’s Chairman. During this period, Ferguson has developed to become the world’s leading specialist distributor of plumbing and heating products, creating significant shareholder value.
Alan Murray said: “On behalf of the Board I would like to thank Gareth Davis for the enormous contribution he has made to Ferguson. He has been an excellent Chairman and has been instrumental in the successful development of the business. We wish him well for when he steps down next January.”
Gareth 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. I would like to take this opportunity to thank my Board colleagues, the leadership team and, above all, our incredible associates for their passion, commitment and hard work which have been instrumental to our success.”