HERNDON, VA — Beacon Building Products (formerly known as Beacon Roofing Supply) announced Wednesday the appointment of Frank A. Lonegro as executive vice president and chief financial officer. Lonegro will join Beacon on April 20 and assume his role as CFO on or about May 15, as current CFO Joseph Nowicki transitions his duties.
Prior to joining Beacon, Lonegro had a long and distinguished career at CSX Corporation, a $12 billion Fortune 500 transportation company, where he served for 19 years, culminating as EVP and CFO from 2015-2019. Lonegro’s career at CSX entailed a unique blend of cross-functional experience, combining financial, operational and functional executive leadership roles. As CFO, he helped lead transformative operational changes yielding substantial productivity savings and markedly improved operating margins which led to significant shareholder value creation. Prior to his role as CFO, Lonegro delivered strong results in key leadership roles of increasing responsibility across operations, service, information technology and internal audit.
Prior to joining CSX, Lonegro practiced law for seven years, focusing on complex commercial litigation, loan workouts and business transactions. Lonegro earned a bachelor’s degree from Duke University, a law degree from the University of Florida and a master’s degree in business administration from the University of Florida. He will be relocating with his family to the Virginia area.
“I am extremely pleased to welcome Frank to the Beacon team,” said Julian Francis, president and CEO of Beacon. “Frank possesses deep strategic and financial acumen and a unique blend of executive, functional and operational experience that will strengthen Beacon as we enter our next phase of growth and deliver improved operational performance and shareholder value. The breadth of Frank’s logistics knowledge from the transportation industry will be a valuable asset as we optimize Beacon’s 500+ branch service network to best serve our customers.”
Lonegro added: “I am very excited to join Beacon, which is recognized as a building products industry leader in growth, innovation and service. I am eager to become part of such an experienced and reputable leadership team as we work together to deliver on the organic growth and margin enhancement strategies that are creating a new trajectory for the company.”
Founded in 1928, Beacon is a Fortune 500, publicly-traded distributor of residential and commercial building products in North America, operating over 500 branches throughout all 50 states in the U. and 6 provinces in Canada. Beacon serves an extensive base of over 110,000 customers. Beacon offers its own private label brand, TRI-BUILT, and has a proprietary digital account management suite, Beacon Pro+, which allows customers to manage their businesses online.
On April 1, Beacon announced it elected to draw down $725 million from its revolving credit facility as a proactive measure to increase the company's cash position and preserve financial flexibility in light of current uncertainty in the global markets resulting from the COVID-19 pandemic. After the draw, Beacon will maintain approximately $185 million of additional capacity on its revolver.