Builders FirstSource Announces Planned Retirement of Chief Executive Officer in 2020
January 13 2020 - 4:15PM
Builders FirstSource, Inc. (Nasdaq: BLDR) today
announced that Chad Crow, its Chief Executive Officer, has decided
to retire after 20 years of service with the Company. Mr. Crow will
retire during 2020 after assisting the Board of Directors in hiring
his replacement. Mr. Crow has agreed to continue with the Company
in a consulting capacity for a period of time following the
appointment of a new Chief Executive Officer to ensure a seamless
transition.
The Board of Directors has retained a leading global executive
search firm to help identify a highly-qualified leader for the CEO
position. Given the Company’s outperformance and future growth
prospects, the Board is confident that a top-quality executive will
be secured to build upon the Company’s strategic and financial
accomplishments.
Mr. Crow said, “The Company’s financial and operational
performance has been very strong over the past several years, and I
am honored to have contributed to that success. Given my love
for the Company and the strong working relationship with the Board
and our extraordinary management team, it was a very difficult
decision to retire. However, after 20 years of all-consuming
effort, I have decided that it’s time for me to spend more time
with my family and on other personal interests. Until my
replacement is secured, it is my intention to ensure that our team
builds on our success as we move through 2020.”
Paul S. Levy, Chairman of the Board, commented, “Builders
FirstSource is firing on all cylinders and is doing so in no small
part due to Chad’s superb efforts over many years. While we are
disappointed to see Chad leave, we thank him for his decades of
leadership and dedication, and for the exceptional results during
his years of service. Chad played a critical role in guiding us
through many industry cycles and in consummating the
transformational and successful acquisition of ProBuild. Chad
leaves in place a strong team of operators who will continue to
execute our ongoing strategic investments and operational
initiatives, which we believe put us firmly on track to achieve our
long-term financial objectives. We appreciate and commend him for
his participation in the search process and for his commitment to
ensuring a smooth transition. Thanks to the industry-leading
position we now hold, we are confident in finding an exceptional
successor.”
The Company reaffirms its full year 2019 outlook previously
provided on November 1, 2019.
About Builders FirstSourceHeadquartered in Dallas, Texas,
Builders FirstSource is the largest U.S. supplier of building
products, prefabricated components, and value-added services to the
professional market segment for new residential construction and
repair and remodeling. We provide customers an integrated
homebuilding solution, offering manufacturing, supply, delivery and
installation of a full range of structural and related building
products. We operate in 40 states with approximately 400
locations and have a market presence in 77 of the top 100
Metropolitan Statistical Areas, providing geographic diversity and
balanced end market exposure. We service customers from
strategically located distribution and manufacturing facilities
(certain of which are co-located) that produce value-added products
such as roof and floor trusses, wall panels, stairs, vinyl windows,
custom millwork and pre-hung doors. Builders FirstSource also
distributes dimensional lumber and lumber sheet goods, millwork,
windows, interior and exterior doors, and other building products.
For more information about Builders FirstSource, visit the
Company’s website at www.bldr.com.
Cautionary NoticeStatements in this news release that are not
purely historical facts or that necessarily depend upon future
events, including statements about expected market share gains,
forecasted financial performance or other statements about
anticipations, beliefs, expectations, hopes, intentions or
strategies for the future, may be forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended. Readers are cautioned not to place undue reliance on
forward-looking statements. In addition, oral statements made by
our directors, officers and employees to the investor and analyst
communities, media representatives and others, depending upon their
nature, may also constitute forward-looking statements. As with the
forward-looking statements included in this release, these
forward-looking statements are by nature inherently uncertain, and
actual results may differ materially as a result of many factors.
All forward-looking statements are based upon information available
to Builders FirstSource, Inc. on the date this release was
submitted. Builders FirstSource, Inc. undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise. Any
forward-looking statements involve risks and uncertainties that
could cause actual events or results to differ materially from the
events or results described in the forward-looking statements,
including risks or uncertainties related to the Company’s growth
strategies, including gaining market share, or the Company’s
revenues and operating results being highly dependent on, among
other things, the homebuilding industry, lumber prices and the
economy. Builders FirstSource, Inc. may not succeed in addressing
these and other risks. Further information regarding factors that
could affect our financial and other results can be found in the
risk factors section of Builders FirstSource, Inc.’s most recent
annual report on Form 10-K filed with the Securities and Exchange
Commission. Consequently, all forward-looking statements in this
release are qualified by the factors, risks and uncertainties
contained therein.
Contact: |
|
Binit SanghviInvestor
RelationsBuilders FirstSource, Inc.(214) 765-3804 |
Source: Builders FirstSource, Inc.
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