Builders FirstSource Announces Planned Retirement of Chief Executive Officer in 2020
Builders FirstSource, Inc., (the “Company”) 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 FirstSource
Headquartered 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.
Binit Sanghvi – Investor Relations – (214) 765-3804
Source: Builders FirstSource, Inc.