Builders FirstSource (BFS) chief financial officer Charles Horn resigned today to become CFO of an unnamed technology company, BFS announced. M. Chad Crow, the company's vice president--controller since 2000, was named to succeed Horn.
During Horn's 10 years at Dallas-based BFS, the LBM dealer acquired and integrated 25 companies en route to becoming at one point America's No. 2 LBM dealer. BFS stood at No. 8 on the 2009 ProSales 100, with sales last year of $1.04 billion. Its 33.7% drop in sales from 2007 was the eighth-worst on the entire ProSales 100. The reported a net loss of $15.9 million for the third quarter on a 29% drop in net sales to $188.9 million, and it has been rocked recently by fights over a recapitalization plan that critics regard as primarily benefiting BFS' two largest shareholder groups.
Crow joined BFS in September 1999 as assistant controller. Prior to that, he served in a variety of positions at Pier One Imports, most recently as director of accounting, and before that spent four years at PriceWaterhouse.
"We are delighted to have someone with Chad Crow's talent, experience and drive taking over this critical role," BFS board chairman Paul S. Levy said in a statement. "Chad's extensive knowledge of the business and his ten years of outstanding performance with our Company will ensure a seamless transition."
Added BFS chief executive officer Floyd Sherman: "Chad Crow has worked closely with Charles [Horn] and me over many years, and he is an integral member of our senior management team. His detailed knowledge of our business, as well as his involvement in all aspects of our company's financial operations, makes him the obvious choice as our new chief financial officer."