Wolseley axes two directors in cash saving measure

Plumbing and building materials giant Wolseley has cut two directors in a bid to trim costs.

Following a profit warning last week, the firm has axed its UK managing director Nigel Sibley and HR director Bob Mason.

Wolseley’s Europe chief executive Rob Marchbank will take over Mr Sibley’s role in addition to his duties in Europe.

The role of the UK human resources director will be taken over by European HR boss Bob Morrison.

The firm said: “Given the continuing deterioration in several of its markets, including the UK, the Wolseley group is taking action to reduce duplication and make cost savings across its operations.”

Last week Wolseley announced it has axed 6,000 jobs and scrapped plans to pay out a final dividend to shareholders.