Ferguson PLC's shares rose in morning trading on the London Stock Exchange as the plumbing and heating products distributor announced plans to demerge its U.K. operations so the former could "wholly" focus on North American markets.
Ferguson's Wolseley UK Ltd. will operate as an independent listed company after the demerger, which is subject to shareholder approval, focusing on the U.K. market.
The board is evaluating the "most appropriate" listing structure to adopt for the group after the demerger, Ferguson said.
Ferguson also announced the departure of Group CEO John Martin, effective Nov. 19. Martin will be replaced by Kevin Murphy, who has served as CEO of the company's U.S. operations since August 2017.
Ferguson's share price advanced 2.35% as of 10:31 a.m. in London.
Guernsey-domiciled Trian Investors 1 Ltd. announced June 13 the acquisition of a 5.98% interest in Ferguson.
