- Push-out Score determined
- After about five and a half years in the position
- Praise, thanks and good wishes for Volas
- Robert Buck taking over
- Volas said 86 words
(exechange) — Daytona Beach, Florida, January 10, 2020 — Jerry Volas, chief executive of TopBuild, leaves his post. His departure is made public at an early stage. As announced by TopBuild Corp. in a news release on Friday, January 10, 2020, Gerald (Jerry) Volas leaves his post as chief executive officer at the installer and distributor of insulation and building material products after about five and a half years in the role, effective December 31, 2020.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who announced their departure over the past 12 months was 7.5 years, according to data compiled by exechange.
Long goodbye
It is a long goodbye. The announcement of Jerry Volas’s move comes up to 12 months prior to his planned departure from the post of CEO.
In general, a top executive who announces the departure very early may be considered a lame duck.
Jerry Volas’s duties as CEO will be taken over by Robert Buck, currently Chief Operating Officer of TopBuild Corp.
TopBuild Corp. is chaired by Alec Covington.
“Thoughtful and comprehensive succession planning process”
Jerry Volas’s departure from the CEO post is explained as follows. TopBuild said: “Covington noted that Buck’s appointment was the result of a thoughtful and comprehensive succession planning process by the Board.”
Precise information regarding Jerry Volas’s future plans was not immediately available.
“Retire”
TopBuild said: “Jerry Volas, 65, will retire as Chief Executive Officer and member of the Board of Directors effective December 31, 2020.”
Share price increase since January 2019
The announcement follows an increase in TopBuild Corp.’s share price of 110% since January 2019.
Chaired by Alec Covington
TopBuild Corp. is chaired by Alec Covington.
Covington is Managing Director of Haynes Park Capital, LLC, a private investment and business consulting firm he founded in 2013. Previously, Covington served as President and Chief Executive Officer of Nash-Finch Company, a food distribution company, from 2006 until it merged with Spartan Stores, Inc. in 2013.
In the position of CEO since 2015
Jerry Volas became CEO of the Company in 2015.
Volas has served as the Company’s Chief Executive Officer since June 2015.
Volas was a Group President at Masco Corporation (“Masco”) from 2006 to June 2015 and prior to that, President of Liberty Hardware Mfg. Corp., a Masco operating company, from 2001 to 2005.
From 1996 to 2001, he served as a Group Controller supporting a variety of Masco operating companies; and from 1982 to 1996, he served in progressive financial roles including Vice President/Controller at BrassCraft Manufacturing Company, a Masco operating company.
Volas is a Certified Public Accountant.
Volas is a director of Trex Company, Inc., a manufacturer of wood alternative decking and related products, serving since March 2014.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to TopBuild and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 2.2020 ($).