ProBuild Holdings CEO Bill Myrick is no longer with the Denver-based pro dealer, according to an internal memo obtained by Home Channel News.
The email was distributed Monday morning to ProBuild Holdings employees informing them that Myrick, who held the title of president and CEO, is no longer with the company. Fred Marino will take over as CEO, while a search for a permanent replacement is launched, according to the memo. Marino currently serves as vice chairman of the board of ProBuild.
The memo was from Perry Odak, chairman of ProBuild.
"Ownership continues to support the current management team, and the number of important initiatives currently being implemented across ProBuild," wrote Odak in the memo. "I ask you to continue to focus on the work at hand. For each of you, it's business as usual."
Myrick was named CEO of ProBuild in August 2010. He started his career in the LBM industry as a manager trainee at 84 Lumber, where he spent 25 years and rose to the position of chief operating officer before leaving 84 Lumber to join ProBuild in 2007. After being hired at ProBuild, Myrick attended a two-month program at Harvard Business School and then steadily took on more responsibilities, rising to the position of chief operating officer in June 2008.
Marino has deep roots with ProBuild. He was the executive that led the team that brought Lanoga and Strober Organization together, eventually forming ProBuild Holdings. The entity grew from $150 million in revenue in1997 to $6 billion in 2006.
With hard times hitting the building industry, however, ProBuild sales have diminished to $3.5 billion in 2010, according to the Home Channel News Industry Scoreboard.
A ProBuild spokeswoman confirmed that Myrick left the company, effective July 11. "We thank him for his efforts," she said. "Fred Marino, vice chairman of ProBuild’s board will serve as acting president and CEO, while an executive search is conducted. He has been involved in the building products industry and active on our board for many years."