EULESS, Texas, Feb. 13, 2020 /PRNewswire/ -- U.S.
Concrete, Inc. (NASDAQ: USCR) ("U.S. Concrete" or the
"Company"), today announced that William J.
Sandbrook has notified the Company's Board of Directors of
his decision to retire as Chief Executive Officer effective
April 3, 2020. Mr. Sandbrook will
continue to serve as the Company's Chairman of the Board until the
Company's annual meeting of stockholders in May 2020. Mr. Sandbrook will stand for reelection
as a director at the annual meeting. To ensure an orderly
transition of his duties, Mr. Sandbrook will provide consulting
services to the Company pursuant to a one-year consulting
agreement, which may be extended by mutual agreement. The Company
also announced that Ronnie Pruitt,
the Company's President and Chief Operating Officer, has been named
Chief Executive Officer and President effective as of April 3, 2020.
"After 17 years in the military and 28 years in the heavy
construction materials industry and in conjunction with a robust
succession plan, I believe it is an opportune time for me to turn
over the CEO duties to Ronnie," said U.S. Concrete Chairman and
CEO, William J. Sandbrook. "Ronnie
is well prepared to lead the Company into our next phase of growth
through his many years of industry experience. I am committed to
working with him and the Company as a strategic advisor and Board
member to ensure a smooth transition and continuation of our
enhanced vertical integration strategy. I want to thank the Board
of Directors for their tremendous support, insight and
encouragement over the past nine years. Together with a fantastic
group of leaders and employees, we have dramatically transformed
the Company in the eyes of our customers, industry peers, and the
investor community at large. I am humbled to have been part of this
journey."
Mr. Sandbrook joined U.S. Concrete in August 2011 as President and Chief Executive
Officer. He has served as a member of the Board of Directors
since he joined the Company and served as the Company's Chairman
since May 2018.
U.S. Concrete's Lead Director Michael D.
Lundin stated, "On behalf of the Board of Directors, I want
to thank Bill for his significant contributions to and leadership
of U.S. Concrete for the last nine years. Under his
leadership, the Company evolved from a predominantly ready-mixed
focused company with limited geographic footprint to a much larger
company with a focus on aggregates and vertically integrated
ready-mixed operations with meaningful footprints in major
metropolitan areas in the United
States and a large aggregates quarry in Canada servicing our West Coast operations.
The Company's culture is strong and reflects Bill's pursuit of
excellence and passion for the business. Bill has developed an
outstanding senior leadership team to support the Company and
Ronnie in his new role as Chief Executive Officer and we are
excited about the future of the Company going forward."
Mr. Pruitt stated, "I want to express my gratitude to Bill who
is responsible for bringing me to U.S. Concrete as well as
preparing me to lead this Company during our next phase of growth
and improvement. I also want to thank the hard-working men
and women of U.S. Concrete for believing in the Company and working
hard to deliver, manufacture, and provide quality construction
materials. I am passionate about this Company, the strength
of our existing assets and our ability to serve the markets we are
currently in, as well as those we plan to grow in the future.
I truly look forward to this opportunity and will always appreciate
the foundation that Bill built."
About U.S. Concrete
U.S. Concrete, Inc. (NASDAQ:
USCR) is a leading supplier of concrete and aggregates for
large-scale commercial, residential and infrastructure projects in
high-growth markets across the country. The Company holds leading
market positions in New York,
Philadelphia, San Francisco, Dallas-Fort Worth and Washington, D.C., and its materials have been
used in some of the most complex and highly specialized
construction projects of the last decade. U.S. Concrete has
continued to grow organically and through a series of strategic
acquisitions of independent producers in our target markets.
For more information on U.S. Concrete, visit the "About Us"
section of our website - www.us-concrete.com/about-us.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This press release contains various forward-looking statements and
information that are based on management's beliefs, as well as
assumptions made by and information currently available to
management. These forward-looking statements speak only as of
the date of this press release. The Company disclaims any
obligation to update these statements and cautions you not to rely
unduly on them. Forward-looking information includes, but is
not limited to, statements regarding: the expansion of the
business; the opportunities and results of our acquisitions; the
prospects for growth in new and existing markets; encouraging
nature of volume and pricing increases; the business levels of our
existing markets; ready-mixed concrete backlog; ability to maintain
our cost structure and monitor fixed costs; ability to maximize
liquidity, manage variable costs, control capital spending and
monitor working capital usage; and the adequacy of current
liquidity. Although U.S. Concrete believes that the
expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that those expectations will
prove to have been correct. Such statements are subject to
certain risks, uncertainties and assumptions, including, among
other matters: general and regional economic conditions; the level
of activity in the construction industry; the ability of U.S.
Concrete to complete acquisitions and to effectively integrate the
operations of acquired companies; development of adequate
management infrastructure; departure of key personnel; access to
labor; union disruption; competitive factors; government
regulations; exposure to environmental and other liabilities; the
cyclical and seasonal nature of U.S. Concrete's business; adverse
weather conditions; the availability and pricing of raw materials;
the availability of refinancing alternatives; results of
litigation; and general risks related to the industry and markets
in which U.S. Concrete operates. Should one or more of these risks
materialize, or should underlying assumptions prove incorrect,
actual results or outcomes may vary materially from those
expected. These risks, as well as others, are discussed in
greater detail in U.S. Concrete's filings with the Securities and
Exchange Commission, including U.S. Concrete's Annual Report on
Form 10-K for the year ended December 31,
2018.
Source: USCR-G
Company Contact Information:
U.S. Concrete, Inc.
Investor Relations
844-828-4774
IR@us-concrete.com
Media Contact:
Media@us-concrete.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/us-concrete-announces-retirement-of-william-j-sandbrook-as-chief-executive-officer-and-succession-of-ronnie-pruitt-as-chief-executive-officer-301004242.html
SOURCE U.S. Concrete, Inc.