Chad Crow, the chief executive officer of Builders FirstSource (BFS), will retire in 2020 after 20 years of service with the company. Crow will retire after assisting the BFS board of directors hire his replacement and has agreed to continue with the dealer in a consulting capacity for a period of time following the appointment of his successor to ensure a seamless transition, according to BFS.
The BFS board of directors has retained a leading global executive search firm to help identify a leader for the CEO position. The Dallas, Texas-based dealer said its strong performance and future growth prospects will allow an executive to be secured to build upon the company’s strategic and financial accomplishments.
“The company’s financial and operational performance has been very strong over the past several years, and I am honored to have contributed to that success,” Crow said in a news release. “Given my love for the company and the strong working relationship with the board and our extraordinary management team, it was a very difficult decision to retire. However, after 20 years of all-consuming effort, I have decided that it’s time for me to spend more time with my family and on other personal interests.”
BFS said Crow’s retirement announcement does not impact its full-year 2019 outlook provided in November.
“Chad played a critical role in guiding us through many industry cycles and in consummating the transformational and successful acquisition of ProBuild,” Paul Levy, chairman of the board, said. “Chad leaves in place a strong team of operators who will continue to execute our ongoing strategic investments and operational initiatives, which we believe put us firmly on track to achieve our long-term financial objectives.”
Builders FirstSource ranked second on the 2019 ProSales 100 list, generating $7.72 billion in revenue during 2018. The dealer operates in 40 states with approximately 400 locations.
