(Jan. 25) Wolseley has announced a number of executive changes. Steve Webster is stepping down as chief financial officer and as an executive director on March 31.

John Martin will succeed Webster as CFO and an executive director on April 1. Previously, he worked at Alchemy Partners where he has been a partner since 2008. Between 2006 and 2008, Martin was CFO at Travelex Group, and prior to that, he spent six years at Hays, the specialist recruitment company, in senior finance positions including three years as CFO.

Wolseley also announced that there will no longer be a CEO of its European operations. “In order to get greater focus on business unit performance and accelerate decision-making in response to local market conditions,” according to a company release. CEO Rob Marchbank is leaving the company on March 1.

Marchbank joined Ferguson as a management trainee in 1982. He was appointed CEO, Europe in January 2005, and in July 2008 he took on the additional responsibilities of managing director of Wolseley UK.

The regional managing directors in the principal geographic regions in Europe -- the United Kingdom, France and Nordic regions -- will now report to Ian Meakins, group CEO. Steen Weirsoe, managing director of the Nordic Region, and Philippe Gardies, managing director of France, will also join the group executive committee.

The company is currently looking for a managing director of the United Kingdom. During this transition, Meakins will assume operational responsibility.