Builders FirstSource, Inc. (NYSE:BLDR) shares are trading higher on Thursday. The company appointed Peter Jackson as its next President and CEO and Pete Beckmann As CFO, effective November 6, 2024.
Jackson, who is the current CFO, will succeed current CEO Dave Rush, who is retiring after 25 years of service.
Rush will remain on the Board of Directors and serve as a special advisor to ensure a smooth transition.
On the other hand, Pete Beckmann, currently Senior Vice President of Financial Planning & Analysis at Builders FirstSource, will succeed Peter Jackson as CFO.
Beckmann, who has been with Builders FirstSource and its predecessor companies since 1999, has held various finance roles, including leading reporting, forecasting, strategic planning, and capital investment analysis.
Paul Levy, Chair of the Board of Directors, said, “Peter’s appointment as the Company’s next CEO underscores the Board’s steadfast commitment to excellence in our leadership team, and is the result of a thoughtful succession planning process.”
“Peter is a dynamic and innovative leader who has had wide-ranging impact on Builders FirstSource. He brings a strategic, operational, and finance-oriented mindset to his new role, as well as a deep understanding of our history, mission and strategy.”
Last month, the company reported second-quarter adjusted earnings per share of $3.50, beating the street view of $3.02, and sales of $4.456 billion missed the street view of $4.483 billion.
As of June-end, liquidity was approximately $1.7 billion, consisting of $1.6 billion in net borrowing availability under the revolving credit facility and $0.1 billion cash on hand.
Investors can gain exposure to the stock via Themes US Small Cap Cash Flow Champions ETF (NASDAQ:SMCF) and Argent Mid Cap ETF (NASDAQ:AMID).
Price Action: BLDR shares are up 3.09% at $200.53 at the last check Thursday.
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