CEO transition at Eagle Materials
Michael Haack will succeed Dave Powers in July.
Eagle Materials announced that CEO Dave Powers will retire as an officer of the company, effective July 1.
Powers will remain on the board of directors and will be succeeded as CEO by Michael Haack, currently president and COO at Eagle.
Haack joined Eagle as COO in 2014 after a 17-year career at Halliburton Energy Services. He was named president and COO at Eagle in 2018
Powers has had a 40-year career in the building materials industry and joined Eagle Materials – formerly Centex Construction Products – in 2002. He was promoted to executive vice president for Gypsum in 2005 and named president and CEO in 2016.
“Michael has been instrumental in building upon the company’s enviable low cost positions and sustainable advantages, particularly as they relate to the scale of operations that Eagle represents today,” said Rick Stewart, Eagle chairman. “We are also enormously grateful for the innumerable contributions Dave has made to the company during his tenure, and are delighted we will be able to retain the benefit of his perspectives as a board member.”
“I’ve been privileged to lead an organization that is the undisputed benchmark company in our industry today, and one whose future prospects have never been brighter,” Powers said. “I have every confidence the Board is making the right decision in promoting Michael into this role, a role that he is well prepared to undertake in conjunction with the truly extraordinary team in place at Eagle.”
Based in Dallas, Texas, Eagle manufactures and distributes Portland cement, gypsum wallboard and recycled gypsum paperboard, along with concrete, sand and aggregates from more than 75 facilities across the country.
“I look forward to continuing the company’s well-established strategy and leading Eagle to even greater levels of performance,” Haack said. “Our focus on serving and delighting our constituents, including our customers, employees and investors, will remain unrelenting. One of Eagle’s greatest strengths is the caliber of the team at Eagle, and I look forward to working with the team in writing our next chapter of accomplishment.”
In January, Eagle reported third quarter revenues fell 7% to $333.3 million. The company also posted third quarter net earnings of $57.7 million compared to net earnings of $101.4 million for the same period a year ago.
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