Wolseley’s CEO Chip Hornsby has quit his position from the heating and plumbing supply giant, ending a three-year tenure that saw shares of the company slump 75 percent.

Wolseley Chief Executive Officer Chip Hornsby has quit his position from the heating and plumbing supply giant, ending a three-year tenure that saw shares of company slump 75 percent, Bloomberg reports. Ian Meakins, former head of drug wholesaler Alliance UniChem Plc, will take up the CEO role July 13.

Hornsby joined Wolseley in 1982 and became CEO in August 2006. For the past two years, the company has struggled to keep from breaching loan terms and has suffered falling profits “amid the worst U.S. slump in housing starts since World War II,” Bloomberg reports. In May, Hornsby agreed to sell a majority stake in Stock Building Supply.

Shareholder pressure may have played a key role in Hornsby’s departure. However, his departure was by joint agreement and the process to replace him began three to four months ago, Chairman John Whybrow told Bloomberg. “We mutually discussed that and decided it was right he should leave the company,” he said, denying shareholder pressure was a major factor. Whybrow also said there are no plans for any other management changes.

Read the full Bloomberg.com story here >>