BMC eliminates COO position
BMC Stock Holdings, Inc. revealed that Mike McGaugh, chief operating officer, has departed the pro dealer.
BMC said that the move is effective immediately and it has eliminated the position of COO “to flatten the organizational structure and bring its executive team closer to its field operations.”
McGaugh was third-highest ranking executive at BMC behind President and CEO Dave Flitman – who joined the company last August – and Executive Vice President and Chief Financial Officer Jim Major.
BMC named McGaugh to the position of COO in January 2017. At the time, this was a newly created position for the company. During his tenure, McGaugh was responsible for the day-to-day administration and operations of the pro dealer.
Former BMC COO and EVP Mike McGaugh.[/caption>
“Mike has been a valuable member of our leadership team as we have advanced our four strategic pillars,” Flitman said. “On behalf of the entire board, I want to thank Mike for his dedication and contributions to BMC. We wish him the best in his future endeavors.”
Last month, BMC Stock reported fourth quarter 2018 sales increased 2.2% to $859.5 million while sales for the full year rose more than 9% to $3.68 billion. The Raleigh, N.C.-based company also posted a net income of $28.1 million for the fourth quarter, nearly a 60% increase from a net income of $17.6 million during the same period a year ago.
But it appears that the company wanted to streamline its executive management team.
“We recently announced exceptional results for 2018 and remain focused on driving operational excellence, delivering outstanding customer service, building a high-performance culture, and advancing our organic and inorganic growth strategies,” Flitman said, while announcing McGaugh’s departure. “We believe that leveraging our existing team of experienced leaders with a flatter organizational structure will enable the company to be more agile in our decision making and accelerate our ability to execute our strategy.”
BMC said that the move is effective immediately and it has eliminated the position of COO “to flatten the organizational structure and bring its executive team closer to its field operations.”
McGaugh was third-highest ranking executive at BMC behind President and CEO Dave Flitman – who joined the company last August – and Executive Vice President and Chief Financial Officer Jim Major.
BMC named McGaugh to the position of COO in January 2017. At the time, this was a newly created position for the company. During his tenure, McGaugh was responsible for the day-to-day administration and operations of the pro dealer.
Former BMC COO and EVP Mike McGaugh.[/caption>HBSDealer recently discussed the company’s corporate culture with McGaugh. Prior to joining BMC, McGaugh spent more than 20 years in leadership roles at Dow Chemical.
“Mike has been a valuable member of our leadership team as we have advanced our four strategic pillars,” Flitman said. “On behalf of the entire board, I want to thank Mike for his dedication and contributions to BMC. We wish him the best in his future endeavors.”
Last month, BMC Stock reported fourth quarter 2018 sales increased 2.2% to $859.5 million while sales for the full year rose more than 9% to $3.68 billion. The Raleigh, N.C.-based company also posted a net income of $28.1 million for the fourth quarter, nearly a 60% increase from a net income of $17.6 million during the same period a year ago.
But it appears that the company wanted to streamline its executive management team.
“We recently announced exceptional results for 2018 and remain focused on driving operational excellence, delivering outstanding customer service, building a high-performance culture, and advancing our organic and inorganic growth strategies,” Flitman said, while announcing McGaugh’s departure. “We believe that leveraging our existing team of experienced leaders with a flatter organizational structure will enable the company to be more agile in our decision making and accelerate our ability to execute our strategy.”
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