Beacon appointed Frank Lonegro as executive vice president and chief financial officer. Lonegro will join the distributor on April 20 and assume his role as CFO on or about May 15 as current CFO Joseph Nowicki transitions his duties.
“I am very excited to join Beacon which is recognized as a building products industry leader in growth, innovation, and service,” Lonegro said in a news release. “I am eager to become part of such an experienced and reputable leadership team as we work together to deliver on the organic growth and margin enhancement strategies that are creating a new trajectory for the company.”
Prior to joining Beacon, Lonegro worked for 19 years at CSX Corporation, a $12 billion Fortune 500 transportation company, serving as executive vice president and CFO for the past 14 years. As CFO at CSX, Lonegro helped lead operational changes yielding substantial productivity savings and improved operating margins which led to significant shareholder value creation.
Prior to joining CSX, Monegro practiced law for seven years, focusing on complex commercial litigation, loan workouts, and business transactions.
“I am extremely pleased to welcome Frank to the Beacon team,” president and CEO Julian Francis said in the news release. “Frank possesses deep strategic and financial acumen and a unique blend of executive, functional, and operational experience that will strengthen Beacon as we enter our next phase of growth and deliver improved operational performance and shareholder value. The breadth of Frank’s logistics knowledge from the transportation industry will be a valuable asset as we optimize Beacon’s 500+ branch service network to best serve our customers.”
Herndon, Va.-based Beacon distributes roofing materials and complementary building products. The company operates over 500 branches throughout all 50 states in the United States and six Canadian provinces. The distributor was the third largest company on the 2019 ProSales 100 list. Beacon recently elected to draw down approximately $725 million from its revolving credit facility in response to uncertainty caused by the coronavirus pandemic.
