There is a whiff of the inevitable around the exit of Chip Hornsby from Wolseley. His departure follows a troubled three years in charge of the building materials company. As Mr Hornsby nurses his wounds elsewhere, he will hardly be consoled by the almost immediate jump in the company’s share price after the appointment of his replacement, Ian Meakins.

The building materials company’s share price fell by 75 per cent on his watch and more than 20,000 employees lost their jobs. In the City, the American chief executive was criticised for failing to move quickly or decisively enough to halt the company's decline.

Wolseley’s £1 billion rights issue earlier this year is thought to have been delayed by several months as shareholders’ impatience rose and the company came closer to a breach of its debt covenants. The disposal of Stock Building Supply, the loss-making US division which has been another thorn in Mr Hornsby’s side, dragged on for months.

Mr Hornsby undoubtedly faced abysmal market conditions, with the worst slump in US housing starts since the Second World War. However, the delay over key decisions did not do anything to help Wolseley’s current troubles.

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