The chief executive of builders' merchant group Wolseley is to step down from the role later this year.

Ian Meakins will retire at the end of August by which time he will have performed the role for seven years.

Wolseley, which is a major employer in Leamington Spa where it runs several brands from The Wolseley Center, said Mr Meakins had "significantly reshaped the group" into a focused plumbing, heating and building products distribution business.

He will be succeeded by John Martin, who joined the listed group in 2010 as chief financial officer.

The firm said Mr Martin had extensive operational and financial management experience from running large international businesses and the pair would work closely together to on a handover of responsibilities.

Wolseley has also appointed Simon Nicholls as chief financial officer.

He is currently CFO of Cobham, a Dorset-based technology company which specialises in aerospace, defence and communication.

Wolseley chairman Gareth Davis said: "Ian has made an outstanding contribution during his tenure as CEO, transforming the group's businesses to deliver excellent service to our customers, developing our people and generating great returns for our shareholders.

"In searching for his successor, we conducted a rigorous review of potential candidates both internally and externally.

"I am delighted that John will step up to the CEO role. He has a great track record both during his time at Wolseley but also in his previous executive career.

"His broad international experience and strong leadership capabilities will ensure that Wolseley continues to drive improved operational performance and capitalise on the significant opportunities to generate profitable growth."

Mr Meakins added: "It has been a huge privilege to have had the opportunity to lead Wolseley.

"I am very proud of what all our teams have achieved together and the business is well placed for continued profitable growth and delivering attractive shareholder returns."