- Push-out Score determined
- After less than three years in the position
- Praise and thanks for Metcalf
- Rose Lee taking over
- Metcalf said 113 words
(exechange) — Cary, North Carolina, August 4, 2021 — Jim Metcalf, chief executive of Cornerstone, leaves. As announced by Cornerstone Building Brands Inc. in a news release and in a regulatory filing published on Wednesday, August 4, 2021, James S. (Jim) Metcalf leaves his post as chief executive officer at the manufacturer of exterior building products after less than three years in the role, effective September 6, 2021.
Jim Metcalf’s duties as CEO will be taken over by Rose Lee, most recently President, Water & Protection at Dupont de Nemours Inc.
The fact that Jim Metcalf’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
“Comprehensive search process”
Cornerstone did not give an explicit reason for Jim Metcalf’s departure from the CEO post. Cornerstone said: “Over the last year, the Board of Directors conducted a comprehensive search process to identify a successor. Ms. Lee’s background and experience working with well-respected industry leading manufacturing companies, makes her an excellent addition to the Company. Specifically, she has held multiple senior leadership positions at DuPont, most recently serving as president of the Water and Protection business and at Saint-Gobain, where she led building products businesses for the residential end-markets.”
Precise information regarding Jim Metcalf’s future plans was not immediately available.
Cornerstone said: “James S. Metcalf will retire as chief executive officer (CEO), effective September 6, 2021.”
Cornerstone further said: “James S. Metcalf, our Chairman and Chief Executive Officer, has advised the Board of his intention to retire from the Company after a transition period during which he will transfer his duties and responsibilities as well as serve as Executive Chairman.”
Share price increase since November 2018
The announcement follows an increase in Cornerstone Building Brands Inc.’s share price of 31% since November 2018. November 2018 is the month in which Metcalf’s tenure as CEO began.
In the position of CEO since 2018
Jim Metcalf became CEO of the Company in 2018.
As part of the leadership transition, Metcalf will continue in the role of executive chairman of the board through March 31, 2022.
Metcalf has served as a director since May 2017, as the Chairman of the Company’s Board of Directors since January 1, 2018 and as the Company’s Chief Executive Officer since November 2018.
He serves on the Executive Committee, the Routine Transactions Committee, and the Affiliate Transactions Committee of the Company’s Board of Directors. Metcalf retired in October 2016 as the Chairman, President and Chief Executive Officer of USG Corporation.
At the time of his retirement, he had served as Chairman since December 2011 and had served as Chief Executive Officer and President since January 2011.
From January 2006 through January 2011, he was President and Chief Operating Officer of USG.
Prior to that, Metcalf held many positions at USG including president, Building Systems; president and chief executive officer, L&W Supply; senior vice president, Sales and Marketing, USG Interiors, Inc.; vice president, National Accounts, United States Gypsum Company; director, Retail Marketing, USG Corporation; director, Retail Sales, USG Interiors, Inc.; and national accounts manager, United States Gypsum Company.
Metcalf is a director of Tenneco Inc.
Metcalf is a policy advisory board member for the Joint Center for Housing Studies at Harvard University. Metcalf holds a bachelor’s degree from The Ohio State University.
He also holds a master’s degree in business administration from Pepperdine University and Stanford University SEP.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Jim Metcalf’s move on a scale of 0 to 10.
exechange reached out to Cornerstone and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 32.2021 ($).