Wolseley, the global plumbing giant behind Bathstore, BCG, Plumb Center and many other brands, has announced that chief executive Chip Hornsby (pictured) has stepped down.

He will be succeeded by former Travelex Holdings and Alliance Unichem boss Ian Meakin starting from July 13.

Hornsby leaves as Wolseley faces a crippling market that has seen it cut thousands of jobs, offload some of its businesses and raise £1bn in capital to rebuild its debt-laden finances.

The announcement was not a major surprise given the company's recent performance and analysts said Meakin would be well received by investors as an external replacement. Following the new, shares in Wolseley jumped by 6%.

Hornsby has spent over 31 years in the construction materials distribution industry, joining the Wolseley Group through the acquisition of Ferguson in 1982. He took over as chief executive in August 2006.

John Whybrow, Wolseley chairman, said: "The board recognizes Chip's significant contribution to the Group throughout a long and distinguished career, including nearly three years as chief executive, during which time Wolseley has faced some extremely difficult market conditions, and we wish him well for the future."

Meakin, 52, has worked for global companies such as Travelex, Alliance Unichem, Diageo, and Proctor & Gamble. He will pick up £775,000 a year plus bonus for the high profile job.

"Wolseley is a company with a proud history and an exciting long term future and I am delighted to be appointed chief executive," Meakin said. "I look forward to getting to know the business and working with employees to help manage through the current tough conditions, while further clarifying the strategy and execution to ensure we deliver value to our shareholders."