CFO departing Beacon
Beacon announced that Executive Vice President and Chief Financial Officer Frank Lonegro is leaving the company.
Lonegro will remain with the building products distributor until Feb. 1, 2024 and has commenced a search for its next CFO.
Landstar, the transportation solutions provider, has named Lonegro as its new president and CEO, effective Feb. 2. Lonegro succeeds James B. Gattoni who will remain with the company through Landstar’s fourth quarter 2023 earnings release and conference call.
Lonegro joined Beacon in 2020 from CSX Corporation.
"We are thrilled for Frank to have the opportunity to lead a company and wish him continued success in this next role. 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," said Julian Francis, Beacon's President and Chief Executive Officer.
Last month, Beacon reported third quarter sales climbed 7% to $2.58 billion, a new quarterly record for the company. The company’s net income improved 4.2% to $161.3 million for the quarter.
"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. 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," Lonegro said. "Beacon is a dynamic and high-achieving company and I'm confident its Ambition 2025 plan will continue to drive performance."
Beacon opened new locations in Riverside, California and Houston, Texas last month. Year-to-date, Beacon has opened 21 greenfields and completed 9.
In conjunction with its executive announcement, Beacon reaffirmed its outlook for the full year 2023 and is expecting adjusted EBITDA ranging from $910 million to $930M million.
Based in Herndon, Virginia, Beacon distributes roofing and building products through over 500 branches in the United States and Canada.
