HERNDON, Va. — Beacon Roofing Supply Inc. said Friday that President and CEO Paul Isabella plans to leave the company "later this fiscal year."
According to the company, Isabella will remain president and CEO (and a director) while officials seek his successor. He also will remain with Beacon to help with the transition as well as remain an adviser.
In an 8-K filing with the U.S. Securities and Exchange Commission (a required filing for publicly traded companies when major events occur that shareholders should know about), the company noted that its fiscal year ends Sept. 30.
“Paul Isabella has provided 12 years of dedicated service to Beacon,” said Robert R. Buck, chairman, Beacon. "He has been a valued leader to our executive management team, especially through our recent transformative acquisitions of RSG and Allied. As part of our company’s succession-planning process, we have prepared for Paul’s departure and we are glad that Paul is willing to remain with Beacon through our on-boarding of a successor with the skills, experience, and vision to lead Beacon to many more years of growth in sales and profitability.”
Isabella was appointed CEO in 2011 after serving as president and COO starting in 2007.
He began his career with General Electric Co. in 1977 and worked in various GE businesses for 22 years. Following his tenure at GE, he held executive management positions at Eastman Kodak and The Stanley Works, a worldwide producer of tools and security products, where he was Stanley’s senior vice president of global operations from 2001-05.
From 2005-07, Isabella was executive vice president of Cooper Industries where he had responsibility for the $3 billion group of electrical businesses known as the Cooper Connection.
“It remains my great pleasure to serve as Beacon’s president and CEO through my departure and to continue to play a role in Beacon’s growth and success,” said Isabella. “A strong succession planning process is critical to the long-term success of a great company and I look forward to helping Beacon ensure that my successor will be well-equipped to lead Beacon to even greater heights.”
Shares of Beacon (Nasdaq: BECN) spiked 44 cents to $37.79 a share shortly after the news was announced, but returned to $37.41 a share by 1:20 p.m. EST — almost exactly where they started for the day.