- Push-out Score determined
- After about two years in the position
- Praise, thanks and words of regret for Crow
- Search for a successor
- Crow said 102 words
(exechange) — Dallas, Texas, January 13, 2020 — Chad Crow, chief executive of Builders FirstSource, leaves. As announced by Builders FirstSource Inc. in a news release and in a regulatory filing published on Monday, January 13, 2020, M.Chad Crow leaves his post as chief executive officer at the supplier of building products after about two years in the role.
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. On an accumulated basis, around 26% of the CEOs who announced their departure over the past 12 months left their posts within three years.
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 Chief Executive Officer to ensure a seamless transition.
Builders FirstSource will undertake a search for a successor.
“To spend more time with my family and on other personal interests”
Chad Crow’s departure from the CEO post is explained as follows. 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.”
Precise information regarding Chad Crow’s future plans was not immediately available.
“Retire”
Builders FirstSource said: “Chad Crow, its Chief Executive Officer, has decided to retire after 20 years of service with the Company.”
Builders FirstSource further said: “On January 10, 2020, M. Chad Crow notified our Board of Directors (the “Board”) of his decision to retire as President and Chief Executive Officer of Builders FirstSource, Inc. (the “Corporation”) during 2020 after assisting the Board in hiring his replacement.”
Share price increase since January 2019
The announcement follows an increase in Builders FirstSource Inc.’s share price of 112% since January 2019.
Chaired by Paul S. Levy
Builders FirstSource Inc. is chaired by Paul S. Levy.
In the position of CEO since 2017
Chad Crow became CEO of the Company in 2017.
Crow joined the Company in September 1999, and has held several roles of increasing responsibility.
Crow became a director in 2017 and President and CEO on December 29, 2017.
In 2009, Crow was named Senior Vice President and Chief Financial Officer and in 2014 was promoted to President and Chief Operating Officer.
Prior to joining Builders FirstSource, he served in a variety of positions at Pier One Imports and Price Waterhouse LLP.
Crow received his B.B.A. degree from Texas Tech University.
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 Builders FirstSource and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 3.2020 ($).