LMC CEO announces retirement
LMC, the forest and building materials buying group, announced that CEO and President John Somerville will retire in June.
Somerville is a veteran company and industry leader who joined LMC in 2009 after a long career with the Dow Chemical Company, holding several positions including sales vice president-building materials North America.
He is also a former board member for the National Lumber and Building Material Dealers Association (NLBMDA), where he remains an active member today. In total, Somerville has more than 40 years of experience in the building materials and construction industry.
“The company’s financial and operational performance has been very strong over the past several years, and I am honored to have contributed to that success,” Somerville said in a statement released by LMC this afternoon. “Given my love for the company and the strong working relationship with the board and our extraordinary management team, it was a very difficult decision to retire.”
“However, I have decided that it’s time for me to spend more time with my family and on other personal interests,” Somerville said. “Until my replacement is secured, it is my intention to ensure that our team builds on our success as we move through 2021.”
Under Somerville’s leadership, LMC experienced strong growth. In 2013, LMC stockholders were represented in all 50 states nationwide and the Bahamas for the first time.
During his tenure, LMC also grew by over 300% to exceed $5 billion in purchases in 2020.
LMC Chairman Charlie Kreyer stated, “Today, LMC is firing on all cylinders and is doing so in no small part due to John’s superb efforts over the past decade. While we are disappointed to see John leave, we thank him for his years of leadership and dedication, and for the exceptional results during his years of service. John leaves in place a strong management team that will continue to execute our ongoing strategic initiatives that will support our long-term objectives.”
A search committee has been formed to help identify a highly-qualified leader as Somerville’s replacement. The board said that it is confident that a top-quality executive will be secured to build upon the company’s strategic and financial accomplishments.
Based in Wayne, Pa., LMC has more than 1,400 dealer locations in the United States and the Bahamas.