Beacon Appoints Frank A. Lonegro as Executive Vice President and Chief Financial Officer
April 15 2020 - 12:00PM
Business Wire
Beacon (Nasdaq: BECN) (the “Company”) announced today the
appointment of Frank A. Lonegro as Executive Vice President and
Chief Financial Officer. Mr. Lonegro will join Beacon on April 20,
2020 and assume his role as Chief Financial Officer on or about May
15, 2020 as current Chief Financial Officer Joseph Nowicki
transitions his duties.
Prior to joining Beacon, Mr. Lonegro had a long and
distinguished career at CSX Corporation (Nasdaq: CSX), a $12
billion Fortune 500 transportation company, where he served for
nineteen years, culminating as Executive Vice President and Chief
Financial Officer from 2015-2019. Mr. Lonegro’s career at CSX
entailed a unique blend of cross-functional experience, combining
financial, operational and functional executive leadership roles.
As CFO, he helped lead transformative operational changes yielding
substantial productivity savings and markedly improved operating
margins which led to significant shareholder value creation. Prior
to his role as CFO, Mr. Lonegro delivered strong results in key
leadership roles of increasing responsibility across operations,
service, information technology and internal audit. Prior to
joining CSX, Mr. Lonegro practiced law for seven years, focusing on
complex commercial litigation, loan workouts and business
transactions. Mr. Lonegro earned a bachelor’s degree from Duke
University, a law degree from the University of Florida and a
master’s degree in business administration from the University of
Florida. He will be relocating with his family to the Virginia
area.
“I am extremely pleased to welcome Frank to the Beacon team,”
said Julian Francis, President and CEO of Beacon. “Frank possesses
deep strategic and financial acumen and a unique blend of
executive, functional and operational experience that will
strengthen Beacon as we enter our next phase of growth and deliver
improved operational performance and shareholder value. The breadth
of Frank’s logistics knowledge from the transportation industry
will be a valuable asset as we optimize Beacon’s 500+ branch
service network to best serve our customers.”
Mr. Lonegro added: “I am very excited to join Beacon which is
recognized as a building products industry leader in growth,
innovation and service. I am eager to become part of such an
experienced and reputable leadership team as we work together to
deliver on the organic growth and margin enhancement strategies
that are creating a new trajectory for the company.”
Forward-Looking Statements
This release contains information about management's view of the
Company's future expectations, plans and prospects that constitute
forward-looking statements for purposes of the safe harbor
provisions under the Private Securities Litigation Reform Act of
1995. Actual results may differ materially from those indicated by
such forward-looking statements as a result of various important
factors, including, but not limited to, the impact of the COVID‑19
pandemic on the construction sector, in general, and the financial
position and operating results of our Company, in particular, which
cannot be predicted and could change rapidly, and those set forth
in the "Risk Factors" section of the Company's latest Form 10-K. In
addition, the forward-looking statements included in this press
release represent the Company's views as of the date of this press
release and these views could change. However, while the Company
may elect to update these forward-looking statements at some point,
the Company specifically disclaims any obligation to do so, other
than as required by federal securities laws. These forward-looking
statements should not be relied upon as representing the Company's
views as of any date subsequent to the date of this press
release.
About Beacon
Founded in 1928, Beacon is a Fortune 500, publicly-traded
distributor of residential and commercial building products in
North America, operating over 500 branches throughout all 50 states
in the U.S. and 6 provinces in Canada. Beacon serves an extensive
base of over 110,000 customers, utilizing its vast branch network
and diverse service offerings to provide high-quality products and
support throughout the entire business lifecycle. Beacon offers its
own private label brand, TRI-BUILT, and has a proprietary digital
account management suite, Beacon Pro+, which allows customers to
manage their businesses online. Beacon’s stock is traded on the
Nasdaq Global Select Market under the ticker symbol BECN. To learn
more about Beacon, please visit www.becn.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20200415005449/en/
Jennifer Lewis, VP Communications & CSR
Jennifer.lewis@becn.com 571-752-1048
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