Ferguson president and CEO John Stegeman is out of work after parent company Wolseley eliminated the job in what was described as a cost cutting move.

Ferguson president and CEO John Stegeman is out of work after parent company Wolseley eliminated the job in what was described as a cost cutting move. Frank Roach, CEO of Wolseley North America, has taken over the additional duties of Ferguson president/CEO as of Aug. 31.

Stegeman had been with Ferguson since 1985, starting as a management trainee and had served as president/CEO since Sept. 2005. Roach joined Ferguson in 1976 and was appointed head of Wolseley North America in Dec. 2005.

Source: PVF e-News