Appelmann out at Stock Building Supply
Joe Appelmann, CEO of Stock Building Supply, is no longer with the company, according to a statement issued today by chairman of the board Tim Meyer.
Anew CEO has already been identified, according to a company spokesperson, and an announcement will be made “very shortly.”
Appelmann was a 22-year veteran of Stock, holding many key posts, including VP finance, senior VP logistics and chief operating officer. He became CEO in 2007 and led the company through a sale to The Gores Group, a Los Angeles private equity firm, and a major Chapter 11 restructuring.
Speaking about his departure, Appelmann said: “Stock is an exceptional place to work with a bright future. I would like to thank every associate for the courtesy and loyalty they extended to me during my tenure. My sincere hope is they will provide the same support to my successor. I cherish all of the friendships I developed over the years and look forward to maintaining those relationships in the future.
“It was a privilege to work with such a talented management team,” he added. “They were instrumental in transitioning the company to committed ownership and restructuring the organization for future growth and performance.”
Norandex closes Poughkeepsie branch
Norandex, a leading distributor of exterior housing building products, is consolidating some of its locations and closing its Poughkeepsie, N.Y., branch, according to an article in the Poughkeepsie Journal.
Aspokesperson for the company told the newspaper: “We underwent a restructuring. As a result, we consolidated a few of the branches, and Poughkeepsie was an area where we felt we could serve our customers from Albany, the nearest branch.”
The Poughkeepsie location will close on Dec. 30.
Headquartered in Hudson, Ohio, Norandex distributes exterior siding, windows and doors, as well as decking, skylights, manufactured stone and other building products.
Ex-KB Home CEO sentenced to house arrest
Bruce Karatz, the former chief executive of KB Home, received a sentence of five years probation for his conviction on charges relating to backdating stock options, according to an article in the New York Times .Eight months of the sentence must be served at home with an electronic monitoring bracelet.
The sentence, handed down Nov. 10 by a federal judge in Los Angeles, was a stunning defeat for federal prosecutors, who recommended six and a half years in prison. The government stated in a sentencing memorandum that home detention in the defendant’s “24-room Bel-Air mansion” would suggest “a two-tiered criminal justice system, one for the affluent … and a second for ordinary citizens.”
This did not go over well with Judge Otis D. Wright II, who described the memo’s language as “inflammatory,” adding: “To invite public ridicule and scorn on this institution, I think, is unspeakable.”
Wright also ordered Karatz to pay a $1 million fine and perform 2,000 hours of community service. His sentence followed the U.S. probation office’s sentencing recommendation.
Karatz, who led KB Home from 1986 to 2006, originally faced 20 felony counts. Prosecutors claimed he made more than $6 million by manipulating backdated stock options and then lying about it in regulatory filings
The executive’s defense attorneys countered that Karatz never intentionally violated any securities laws and handled his options the same way that hundreds of other companies did.