- Push-out Score determined
- After 11 years in the position
- Accolades, praise, thanks and good wishes for Hill
- Anne Noonan taking over
- Hill said 127 words
(exechange) — Denver, Colorado, July 22, 2020 — Tom Hill, chief executive of Summit Materials, leaves. As announced by Summit Materials Inc. in a news release published on Tuesday, July 21, 2020 and in a regulatory filing published on Wednesday, July 22, 2020, Thomas W. (Tom) Hill leaves his post as chief executive officer at the construction materials company after 11 years in the role, effective September 1, 2020.
Tom Hill’s duties as CEO will be taken over by Anne P. Noonan, most recently Chief Executive Officer of Omnova Solutions Inc.
The fact that Tom Hill’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“Now is the right time”
Tom Hill’s departure from the CEO post is explained as follows. Hill said: “I believe that now is the right time for the Company to transition to its next leader and I have great confidence in Anne, the strength of our team and the opportunities ahead.”
Precise information regarding Tom Hill’s future plans was not immediately available.
Summit Materials said: “Thomas W. Hill plans to step down from his role as President and Chief Executive Officer and as a member of the Board effective September 1, 2020.”
Share price decline
The announcement follows a decline in Summit Materials Inc.’s share price of 30% since July 2015.
Chaired by Howard L. Lance
Summit Materials Inc. is chaired by Howard L. Lance.
Howard L. Lance is the former President and Chief Executive Officer of Maxar Technologies Inc. and its predecessor MacDonald, Dettwiler and Associates Ltd., a global communications and information company, a position he held from May 2016 until January 2019.
In the position of CEO since 2009
Tom Hill became CEO of the Company in 2009.
Hill will serve as a Senior Advisor through the end of the year.
Commencing on January 1, 2021, Hill will transition into a consulting role through July 2023.
Thomas W. Hill is the founder of Summit Materials and has been President and Chief Executive Officer since its inception, and he has been a member of the Board of Directors since August 2009.
- Founder of Summit Materials and has served as President and Chief Executive Officer since its inception
- Chief Executive Officer, Oldcastle, Inc. (2006-2008)
- Ran the Materials division of Oldcastle (1992-2006)
- BA in Economics and History, Duke University
- MBA, Trinity College in Dublin, Ireland
Thomas W. Hill served as Chairman of the American Road and Transportation Builders Association during congressional consideration of the multiyear transportation bill “SAFETEA LU” and remains active with its Executive Committee.
Hill has also been Treasurer of both the National Asphalt Pavement Association and the National Stone Association (a predecessor of The National Stone, Sand & Gravel Association) and sits on the board of the Wildlife Habitat Council, a non-profit organization that promotes and certifies habitat conservation and management on corporate lands through partnerships and education.
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 Summit Materials and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 30.2020 ($).