Builders FirstSource CEO will retire in 2020
After 20 years with the pro dealer, Chad Crow says it’s time for family and other interests.
Builders FirstSource announced that CEO Chad Crow will retire this year after 20 years with the company.
Crow will leave after assisting the company’s board of directors in hiring his replacement. He will also continue to work with Builders FirstSource in a consulting capacity for a period of time following the appointment of the new CEO.
In a prepared statement, Crow gave his reasons for deciding to retire: “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. 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, after 20 years of all-consuming effort, I have decided that it’s time for me to spend more time with my family and on other personal interests. Until my replacement is secured, it is my intention to ensure that our team builds on our success as we move through 2020.”
Crow joined Builders FirstSource in September 1999 and was named senior vice president and chief financial officer in 2009. In 2014, Crow was promoted to president and chief operating officer before being named a director in 2017. Crow succeeded Floyd Sherman as CEO in December 2017.
Pior to joining Builders FirstSource, Crow served in several positions at Pier One Imports and Price Waterhouse LLP.
The Builders FirstSource Board of Directors said it has retained a leading global executive search firm to help identify a highly-qualified leader for the CEO position.
“Builders FirstSource is firing on all cylinders and is doing so in no small part due to Chad’s superb efforts over many years,” said Chairman Paul Levy. “While we are disappointed to see Chad leave, we thank him for his decades of leadership and dedication, and for the exceptional results during his years of service. Chad played a critical role in guiding us through many industry cycles and in consummating the transformational and successful acquisition of ProBuild.”
Based in Dallas, Texas, Builders FirstSource is the largest U.S. pro dealer with 400 locations in 40 states, serving 77 of the top 100 metro markets.
Last week the company announced that it has expanded its builder services offerings in the Carolinas with the acquisition of Bianchi & Company, based in Charlotte. The deal brings an additional $30 million in revenue to the dealer.
Sales at Builders FirstSource increased nearly 10% to $7.7 billion in 2018 – the last full fiscal year reported by the company.
No comments found