Jim Cavanaugh stepped down Friday from his job as president of operations at ProBuild, the company confirmed, delivering a third jolt to the company following the departure of president and CEO Bill Myrick and the announcement of a reorganization that will wipe out the dealer's six regional offices.
While giving up his duties now, Cavanaugh will work with the operations team until Aug. 31, the Denver-based company said in a statement.
Cavanaugh spent 20 years with Hope Lumber, rising to the position of president, when the Broken Arrow, Okla.-based company was acquired by Lanoga Corp. in 2006. At about that same time, Lanoga and The Strober Organization were merged to create ProBuild. Cavanaugh served as a regional vice president for ProBuild before taking over operations duties.
Today's news puts a second hole in ProBuild's executive organization chart. Less than two weeks ago, Myrick stepped down. As with Cavanaugh, no reason was given, although there have been numerous reports--unconfirmed by ProBuild--that the dealer has lost hundreds of millions of dollars over the past several years while the homebuilding market crashed. Fred Marino, the vice chairman of the company board, has taken over as interim president and CEO.
And in late June, ProBuild dissolved its regional offices and reorganized the company into three groups focusing on various markets. It was the second major reorganization of the company in two years.
ProBuild is ranked No. 2 on this year's ProSales 100 listing, with roughly 450 locations throughout the country and $3.05 billion in sales in 2010.