Beacon announced on Tuesday that Frank Lonegro, the company’s executive vice president and chief financial officer, would step down from his C-suite position to become CEO of a publicly traded company outside of the building products industry.
In a Dec. 4 news release, Beacon said it had commenced a formal search for a replacement. Lonegro will remain with the national distributor of roofing and building supplies until February 1, 2024, the company said, to provide a seamless transition.
"We are thrilled for Frank to have the opportunity to lead a company and wish him continued success in this next role,” said Julian Francis, Beacon's president and CEO. “Since joining us in early 2020, Frank has been a tremendous asset for Beacon and a wonderful business partner for me and the executive team; together, we set Beacon on a new trajectory, and we are well on our way to unlocking Beacon's full potential."
In the brief statement, which did not identify the company Lonegro will helm after his departure, the outgoing CFO expressed his gratitude to his colleagues and affirmed his confidence in Beacon’s long-term future success.
"I am proud to have been a part of Julian's executive team these last four years and know Beacon will further excel under this team's leadership,” Lonegro said. “I'm excited and humbled to have the opportunity to lead a company as a chief executive and appreciate Beacon's warm wishes and support for my transition to this new role."
The company also reaffirmed its outlook for the full year 2023, which it provided on Nov. 2, in connection with its third-quarter earnings; 2023 full-year adjusted EBITDA expectations remain between $910 million and $930 million.
Beacon also noted that it expects to exceed Ambition 2025 revenue and shareholder return targets in 2023. The announcement came shortly after the close of trading on Tuesday. The company share price closed up 1.09% at $83.99 per share and, at the time of this posting, remained unchanged ahead of Wednesday’s Nasdaq opening.
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