Wolseley cuts two directors in bid to trim costs

LONDON (Thomson Financial) - Wolseley Plc, the plumbing and building materials distributor, has followed up last week's profits warning with management cuts as it struggles to stay within its banking covenants, reports the FT quoting the company. UK and Irish business managing director Nigel Sibley is set to be replaced by Rob Marchbank, a board director currently heading Wolseley's European operations. The role of the UK human resources director will also be taken over by Bob Morrison, the European HR chief. Marchbank and Morrison are expected to add the positions to their current responsibilities, the paper reports. 'We took action in light of deterioration of market conditions in the UK,' the company said. 'It's a move to reduce management duplication and cut costs as opposed to a performance issue or a change in... [read full story]