Chad Crow is now president, COO of Builders FirstSource
Builders FirstSource has promoted Chad Crow, previously its SVP and CFO, to the title of president and COO.
"Over the past 15 years, Chad has been an integral part of our management team," said CEO Floyd Sherman. "From our rapid growth in the early 2000s, through our initial public offering in 2005, throughout the housing recession and to present day, Chad has been an invaluable member of our management team. He is well-respected across our organization and in the investment community. His financial background, operational knowledge and leadership style will help our company continue to flourish as a leader in the building products distribution space."
Crow has been working for the company since 1999 and has succeeded through roles such as assistant controller, VP & controller, and his most recent role as SVP and CFO. He has also worked for Pier One Imports and Price Waterhouse.
The company is also now in the process of searching for a new CFO; Crow will continue fulfilling those duties until a replacement is found.
Fortune Brands CEO sees growth
As Fortune Brands reported third-quarter sales and earnings growth, CEO Chris Klein said the company expects to see more in the coming months, despite slightly disappointing economic data.
“Although we are seeing growth in both new construction and consumer spending on remodel projects, that growth is at the low end of our last estimates,” said Klein. “Regardless, we continue to gain share, our core businesses are performing well and we are well-positioned for higher growth in 2015. Importantly, we also remain sharply focused on driving incremental shareholder value with our cash flow and balance sheet.”
Fortune Brands reported third-quarter sales of $1.1 billion, up 5%. Operating income increased to $136.4 million, up 40%.
Cabinet sales were up 1%. Excluding the impact of both exiting builder direct business in the West and the comparison to a large bath vanity product launch in the third quarter of 2013, core cabinet sales increased 10% with mid-teens growth in the dealer channel and high-single digits gains in retail.
Plumbing sales increased 2%, led by growth in the U.S. wholesale channel and retail, up 5% and 8% respectively, and offset partially by softer international sales.
Door sales were up 13% with growth in both the wholesale and retail channels.
Security & Storage sales increased 17%. Sales from the SentrySafe acquisition added significantly to the growth, while organic security sales increased 4% and tool storage sales decreased 3%.
Boise Cascade elects Hannah to board
Boise Cascade Company has elected David Hannah, CEO of Reliance Steel and Aluminum Company, to its board of directors. He will serve on the Compensation Committee and Corporate Governance & Nominating Committee.
"David has had a very successful career in both manufacturing and distribution and provides a unique perspective on how we can effectively grow Boise Cascade," said Boise Cascade chairman Duane McDougall.
Hannah currently serves as chairman, president and CEO of Reliance, a Los Angeles-based operator of metals service center. Reliance has over 300 locations in 39 states, as well as operations in 11 foreign countries. He has been with the company since 1981.
Hannah is also a member of the board of advisors of the University of Southern California, Marshall School of Business, Leventhal School of Accounting and is chairman of the board of directors of the Metals Service Center Institute.
Hannah replaces Thomas Souleles, who resigned from the company’s board of directors.