Philip W. Knisely Appointed Chairman of Beacon Succeeding Robert R. Buck Who Continues as a Director
HERNDON, Va.--(BUSINESS WIRE)--Feb 11, 2020--
Beacon (Nasdaq: BECN) (the “Company”) announced today that Philip W. Knisely has been appointed Chairman of the Board, succeeding Robert R. Buck, who retired as Chairman but continues as a director.
Phil Knisely has been a Beacon Director since October 2015. He is an operating partner at Clayton, Dubilier & Rice, LLC (“CD&R”), a private investment firm. He also is Chairman of CD&R Hydra Holdings, Inc. (parent entity of SunSource Holdings, Inc.), a privately-held power distribution company, and is a former Chairman of Roofing Supply Group, LLC, which Beacon acquired in 2015. Prior to joining CD&R, Mr. Knisely spent a decade as Executive Vice President and Corporate Officer of Danaher Corporation, where he was responsible for businesses totaling more than $4 billion in sales. Prior to Danaher, Mr. Knisely co-founded Colfax Corporation, a designer, manufacturer, and distributer of fluid handling products, where he served as President and Chief Executive Officer.
Mr. Buck joined Beacon as President and Chief Executive Officer and a director in October 2003 and has been Chairman of the Board since March 2007. Under Mr. Buck’s leadership, Beacon has grown from a regional distributor with approximately $550 million in revenue in 2003 into a Fortune 500 national leader in building products distribution with over 500 locations across all 50 states and six Canadian provinces and over $7 billion in revenue. Mr. Buck led Beacon through its Initial Public Offering in 2004 and 46 acquisitions, including the transformative, multibillion-dollar acquisitions of Roofing Supply Group and Allied Building Products.
“Bob’s strategic vision, leadership and business acumen have been the driving force behind Beacon’s tremendous growth during his stewardship of the Company,” said new Chairman Phil Knisely. “More important, however, are Bob’s integrity, character and personal values which engender deep employee loyalty as well as unmatched respect from investors, analysts, suppliers and customers, all of which have shaped Beacon’s great reputation and enabled Beacon to lead the consolidation of our industry. I am honored to follow in his footsteps, and we are grateful for his continuing commitment to Beacon by remaining a member of our Board of Directors.”
“It has been a distinct pleasure and a wonderful privilege to serve the employees and the shareholders of Beacon,” said Mr. Buck. “The years have passed so quickly. However, I clearly see a very bright future full of opportunities and growth, and Phil is the perfect Chairman to lead the way forward. I know him very well, look forward to working with him this year, and continuing to cheer enthusiastically for him and everyone at Beacon.”
Founded in 1928, Beacon is a Fortune 500, publicly-traded distributor of residential and commercial building products in North America, operating over 500 branches throughout all 50 states in the U.S. and 6 provinces in Canada. Beacon serves an extensive base of over 110,000 customers, utilizing its vast branch network and diverse service offerings to provide high-quality products and support throughout the entire business lifecycle. Beacon offers its own private label brand, TRI-BUILT, and has a proprietary digital account management suite, Beacon Pro+, which allows customers to manage their businesses online. Beacon’s stock is traded on the Nasdaq Global Select Market under the ticker symbol BECN. To learn more about Beacon, please visit www.becn.com
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CONTACT: Joseph Nowicki, Executive VP & CFO
KEYWORD: UNITED STATES NORTH AMERICA VIRGINIA
INDUSTRY KEYWORD: BUILDING SYSTEMS ARCHITECTURE RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY
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