Builders FirstSource (BLDR) announced that its CEO Chad Crow has decided to retire after 20 years of service with the company. The announcement states that Crow will retire this year after assisting the board of directors in hiring his replacement and has agreed to continue with the company in a consulting capacity for a period of time to ensure a seamless transition.

The board of directors has retained a leading global executive search firm to help identify a highly-qualified leader for the CEO position.

“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,” Crow said. “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. Until my replacement is secured, it is my intention to ensure that our team builds on our success as we move through 2020.”

“While we are disappointed to see Chad leave, we thank him for his decades of leadership and dedication, and for the exceptional results during his years of service,” said Paul S. Levy, chairman of the board. “Chad played a critical role in guiding us through many industry cycles and in consummating the transformational and successful acquisition of ProBuild.”

The company reaffirms its full-year 2019 outlook previously provided on November 1, 2019.

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