- After 17 years on the job
- Accolades and praise for Sherman
- Sherman spoke at length and said 114 words
(exechange) — Dallas, Texas, August 09, 2017 — Floyd Sherman, chief executive of Builders FirstSource, hands over the reins. As announced by Builders FirstSource, Inc. in a news release on Wednesday, August 09, 2017, Floyd F. Sherman leaves the post as Chief Executive Officer at the supplier of building products after 17 years on the job, effective January 01, 2018.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, only 36 percent of the CEOs who departed over the past twelve months left after more than ten years. Overall, the average tenure of those who left was 8.8 years, according to data compiled by exechange.
Sherman’s duties are taken over by Chad Crow, currently Chief Operating Officer at Builders FirstSource, Inc.
The move is a generational change as well. Chad Crow is about 29 years younger than Floyd Sherman.
“In accordance with the Company’s succession plan”
The management change is explained as follows. Builders FirstSource said: “In accordance with the Company’s succession plan, Paul S. Levy, Chairman of the Board, confirmed that the Board intends to appoint Chad Crow, currently President and COO of the Company, as President and CEO effective January 1, 2018.”
“Intends to step down”
Builders FirstSource said: “Floyd Sherman … has advised the Company’s Board of Directors that he intends to step down as CEO effective January 1, 2018.”
Share price rise since September 2011
The change follows a rise in the share price of Builders FirstSource, Inc. since September 2011.
Chaired by Paul S. Levy
Builders FirstSource, Inc. is chaired by Paul S. Levy.
On the job as CEO since 2001
Floyd F. Sherman has been the Chief Executive Officer of Builders FirstSource, Inc. since 2001.
Sherman became a director in 2001, when he joined the Corporation. Prior to joining the Corporation, he spent 28 years at Triangle Pacific/Armstrong Flooring, the last nine of which he served as Chairman and Chief Executive Officer.
Sherman has over 40 years of experience in the building products industry.
A native of Kerhonkson, New York, and a veteran of the U.S. Army, Sherman is a graduate of the New York State College of Forestry at Syracuse University.
He also holds an M.B.A. degree from Georgia State University.
Read the full story in the exechange report 33.2017 ($).