Beacon is in Search for a new CFO

Beacon (Nasdaq: BECN) announced that its Executive Vice President and Chief Financial Officer, Frank Lonegro, will depart to take on the role of Chief Executive at a publicly traded company outside the building products industry. As a result, Beacon has initiated a formal search for its next CFO. Mr. Lonegro will continue with the Company until February 1, 2024, ensuring a smooth transition.

Founded in 1928 with over 500 branches across all 50 U.S. states and six Canadian provinces, Beacon caters to nearly 100,000 customers, offering a wide range of products and support throughout various business stages.

The company reaffirmed its 2023 full-year outlook, previously outlined on November 2, 2023, during its third-quarter earnings report. The expected Adjusted EBITDA for 2023 ranges from $910 million to $930 million. Additionally, Beacon anticipates surpassing its revenue and shareholder return targets outlined in the Ambition 2025 plan for the year 2023.

Julian Francis, Beacon’s President and Chief Executive Officer, expressed enthusiasm for Frank’s new opportunity, wishing him success. He highlighted Frank’s significant contributions since joining in early 2020, emphasizing their collaborative efforts that set Beacon on a progressive trajectory toward realizing its full potential.

Frank Lonegro, the outgoing Chief Financial Officer, expressed gratitude for being part of Beacon’s executive team and anticipated the company’s continued success under their leadership. He affirmed his excitement and appreciation for the chance to assume a chief executive role, acknowledging Beacon’s support and warm wishes for his transition.

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