TopBuild’s Board of Directors Announces CEO Succession Plan
January 10 2020 - 6:45AM
TopBuild Corp. (NYSE:BLD), a
leading installer and distributor of insulation and building
material products and its Board of Directors announced that Jerry
Volas, 65, will retire as Chief Executive Officer and member of the
Board of Directors effective December 31, 2020. Robert Buck, 50,
who has served as President and Chief Operating Officer since June
2015, will assume the role of CEO and director upon Volas’
retirement.
TopBuild Board Chair Alec Covington said, “Jerry
has done a terrific job leading TopBuild through its spin-off from
Masco (NYSE:MAS) in 2015 and overseeing its tremendous revenue
growth and profitability during this period. On behalf of the
Board, we thank Jerry for his dedication to TopBuild and wish him
the very best upon his well-earned retirement.”
Jerry Volas stated, “It has been an extremely
rewarding experience leading TopBuild over the last four and a half
years. In addition to driving top and bottom line results, the
development of the executive team has always been a top priority.
Throughout this period, I have worked very closely with Robert to
identify and drive our Company’s strategic initiatives and our
strong financial results speak to our success. I am fully confident
Robert is the right choice to lead the TopBuild team and continue
our momentum into the future.”
Covington added, “Over the past four and a half
years as President and Chief Operating Officer, Robert has clearly
demonstrated his strength as a business leader. He has expanded the
Company’s commercial business, overseen the successful integration
of 11 companies which are contributing over $510 million of annual
revenue, and implemented changes within the organization that have
resulted in a significantly more streamlined and efficient
organization. As we initiate this transition, which should be a
seamless process for all stakeholders, the Board and I are
confident Robert and his team are well-positioned to take TopBuild
into the future.” Covington noted that Buck’s appointment was the
result of a thoughtful and comprehensive succession planning
process by the Board.
Robert Buck stated, “I am honored to be named
the next CEO of TopBuild and want to thank both Jerry and the Board
for the confidence they have placed in me to lead this strong
organization. Jerry and I have worked together for many years, and
I welcome working with him through this transition period as we
continue to grow our business. Over the past four and a half years
we’ve built a strong organization with a very broad and deep bench
of talent. Our strategic plan will remain in place and our team
will continue its laser focus on driving profitable growth.”
Buck joined TopBuild in 2009 when it was Masco
Contractor Services (MCS), serving as the division’s President and
Chief Executive Officer. He assumed his current role at TopBuild in
June 2015 when the company was spun-off from Masco. Buck began his
career with Masco Corporation in 1997 at Liberty Hardware where he
spent eight years in several operations leadership roles and worked
extensively in international operations. He became Executive Vice
President in 2005 and helped lead the merger of another Masco
company with Liberty Hardware before being promoted to the office
of President in 2007. Buck holds a Bachelor of Science degree in
Information Systems and Operations Management and a Master’s degree
in Business Administration from the University of North Carolina at
Greensboro.
TopBuild is filing a current report on form 8-K
with the Securities and Exchange Commission that includes
additional information about the Company’s arrangement with Volas
after his retirement as CEO.
About TopBuildTopBuild Corp., a
Fortune 1000 Company headquartered in Daytona Beach, Florida, is a
leading installer and distributor of insulation and building
material products to the U.S. construction industry. We provide
insulation and building material services nationwide through
TruTeam®, which has close to 200 branches, and through Service
Partners® which distributes insulation and building material
products from approximately 75 branches. We leverage our national
footprint to gain economies of scale while capitalizing on our
local market presence to forge strong relationships with our
customers. To learn more about TopBuild please visit our website at
www.topbuild.com.
Safe Harbor StatementThis press
release contains “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act. These forward-looking
statements may address, among other things, our expected financial
and operational results, the related assumptions underlying our
expected results, and our plan to repurchase our common stock under
the proposed accelerated stock repurchase transaction. These
forward-looking statements are distinguished by use of words such
as “will,” “would,” “anticipate,” “expect,” “believe,” “designed,”
“plan,” or “intend,” the negative of these terms, and similar
references to future periods. These views involve risks and
uncertainties that are difficult to predict and, accordingly, our
actual results may differ materially from the results discussed in
our forward-looking statements. Our ability to repurchase our
common stock is subject to the execution of a definitive agreement
with respect to the share repurchase. Our forward-looking
statements contained herein speak only as of the date of this press
release. Factors or events that we cannot predict, including those
described in the risk factors contained in our filings with the
Securities and Exchange Commission, may cause our actual results to
differ from those expressed in forward-looking statements. Although
TopBuild believes the expectations reflected in such
forward-looking statements are based on reasonable assumptions, the
Company can give no assurance that its expectations will be
achieved and it undertakes no obligation to update publicly any
forward-looking statements as a result of new information, future
events, or otherwise, except as required by applicable law.
Investor Relations and Media
ContactTabitha Zanetabitha.zane@topbuild.com
386-763-8801
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