After leading BMC through the planning and execution of its acquisition of Stock Build Supply, Peter Alexander is stepping down from his post as CEO of BMC Stock Holdings, effective immediately. Current director David Keltner, 58, will replace him as interim president and CEO during the company's search for a permanent replacement.
Keltner joined the board of BMC Stock Holdings in April 2014. He formerly served as CFO of Ferguson Enterprises, and CFO of Wolseley North America, which at one time owned Stock Building Supply, before it merged with BMC.
In a prepared statement, Chairman of the Board David Bullock explained the move this way: ““Two years ago, we successfully merged two marquee businesses serving the residential building products market. “Since that time, BMC’s employees have done a commendable job combining operations and delivering more cost synergies than initially anticipated. Now, as we pivot the organization to accelerate our strategic plan, the Board of Directors and Peter Alexander determined it was time to make a leadership change to more fully leverage our national business portfolio and growth opportunities. We have a strong and experienced senior management team in place that will work closely with Mr. Keltner to make this leadership transition seamless for our customers, suppliers, employees and shareholders.”
BMC describes itself as a leading provider of diversified building products and services in the U.S. residential construction market. Annual sales exceed $3 billion.
"I'm excited about the opportunity to lead BMC through this transition," said Keltner. "With the shared goal to deliver best-in-class customer service and exeptional innovative solutions."
Alexander took the reins of what was then known as "BMC Select" in 2010, when it operated 50 locations in 9 states. The company completed its acquistion of Stock Building Supply in December of 2015. Today, BMC-Stock Holdings operates some 150 locations serving 43 metro areas in 18 states.