Ferguson plc, the world's leading heating and plumbing distributor, has announced the departure of its Group Chief Financial Officer.
The multinational, which operates in the UK under the name Wolseley, said in a statement that Mike Powell had resigned after three years to take up a new role as Group CFO of paper and packaging company Mondi plc. His departure date has not yet been confirmed.
In a statement, Ferguson plc said Powell was 'committed to assisting the Company with an orderly transition and the search for his successor is underway'.
The new Group CFO role will be based at Ferguson’s US headquarters in Newport News, Virginia.
Geoff Drabble, Chairman of Ferguson, said: 'On behalf of the Board, I would like to thank Mike for his significant contribution to Ferguson over the last three years and we wish him every success in his new role.'
Kevin Murphy, Chief Executive Officer, added: 'I would like to add my thanks to Mike for his hard work, commitment and the strong results that he has delivered during his time at Ferguson. He has also played a critical role in the Company’s transformation over the last several years to focus the business on its attractive North American markets, and we wish him all the very best.
'We will continue to work closely with Mike in the months ahead to ensure a smooth transition to the new CFO.'
Mike Powell said: 'It has been an enormous privilege to work at Ferguson and I am grateful for the opportunity to help lead the Company’s long-term refocus on North America. The business is in good shape with a strong balance sheet which will serve the Company well in the coming months and years.
'Although my departure is still some way off, I would like to take this opportunity to thank my colleagues across the Company and wish Ferguson every success for the future.'