Jeld-Wen CEO resigns
Jeld-Wen Holding, Inc. announced that its board of directors has accepted the resignation of Gary Michel as chair and CEO.
The board has appointed Kevin Lilly as interim CEO. Lilly most recently served as the window and door manufacturer’s executive vice president and chief information officer.
Additionally, former Hubbell Incorporated Chairman and CEO David Nord has been elected chairman of the board.
"We appreciate Gary's leadership and contributions to the company during his tenure," Nord said in a company statement issued on Thursday evening.. "JELD-WEN remains committed to delivering long-term value to our shareholders. We have confidence in Kevin's leadership and will work closely with him and the management team to ensure that this change is seamless for our customers, shareholders and associates.”
The company did not provide any explanation for Michel’s resignation.
Michel was named CEO and president of Jeld-Wen in June 2018. In October 2021, Michel was elected chairman of the board.
The board has begun a comprehensive search for a new CEO and said it will look at both internal and external candidates.
In the meantime, Lilly will guide the building products manufacturer.
"I am honored to serve in this role at this important time,” Lilly said. “Jeld-Wen is a leading global manufacturer of high-quality building products with talented people and world-class brands. I look forward to working alongside the board, our leadership team and associates to realize our full potential."
On Aug. 1, Jeld-Wen reported that second quarter revenue increased 6.8%, to $1.33 billion compared to $1.25 billion for the same period last year. The Charlotte, N.C.-based company said the sales increase was driven by 11% core revenue growth.
But Jeld-Wen’s net income for the second quarter dropped nearly 25% to $45.8 million compared to a net income of $60.7 million for the second quarter of 2021.
The company said the decrease in net income was largely due to lower gross profit from cost inflation.