DALLAS — Buildings products distributor Builders FirstSource announced Monday that its chief executive officer, Chad Crow, has decided to retire after 20 years of service with the company. Crow will retire during 2020 after assisting the board of directors in hiring his replacement. Crow has agreed to continue with the company in a consulting capacity for a period of time following the appointment of a new CEO to ensure a seamless transition.
The board of directors has retained a global executive search firm to help identify a highly-qualified leader for the CEO position. Given the company’s outperformance and future growth prospects, the board is confident that a top-quality executive will be secured to build upon the company’s strategic and financial accomplishments.
Crow said, “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," Crow said. "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.”
Paul Levy, Chairman of the Board, commented: “Builders FirstSource is firing on all cylinders and is doing so in no small part due to Chad’s superb efforts over many years. 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. Chad leaves in place a strong team of operators who will continue to execute our ongoing strategic investments and operational initiatives, which we believe put us firmly on track to achieve our long-term financial objectives. We appreciate and commend him for his participation in the search process and for his commitment to ensuring a smooth transition. Thanks to the industry-leading position we now hold, we are confident in finding an exceptional successor.”
Operating in 40 states with about 400 locations, Builders FirstSource supplies building products, prefabricated components and services to the new home construction and repair/remodeling market sectors.