Eagle's CEO steps aside

Eagle Materials president and CEO Steve Rowley has, for health reasons, decided to retire from his position with the company at the age of 62.

Effective March 31, 2016, the end of the company's fiscal year, Rowley will retire as an officer and director of the company. He will be replaced by Dave Powers, current executive VP for Gypsum Wallboard.

Powers has been serving in his current capacity since 2005 and has over 35 years of experience in the building materials industry. He joined Eagle Materials in 2002 as executive VP sales and marketing.

“I am fully committed to advancing Eagle’s strategy that has been developed and implemented over Steve’s tenure," said Powers. "My appointment should be recognized as a change in leadership only, and not in any way a change in strategy. We will remain focused on profitable growth and improvement through cycles and will remain equally committed to not overpaying for the privilege of achieving growth when investing. I believe the only way to be successful through cycles is as the low-cost producer of consistently high-quality products that meet our customers’ needs."

"I've been privileged to lead an organization that is the undisputed benchmark company in our industry today, and one whose future prospects have never been brighter," Rowley said. "The timing of my decision is driven by recent surgery complications that are restricting my mobility and my capability to fulfill what I view as the full set of CEO role dimensions. I look forward to working with the board and management during the transition, and to being available to management in an advisory role for the next two years. It has been my personal priority at Eagle to ensure we have exceptional bench strength in every key position in the company and to maintain great options for succession, regardless of timing. I am delighted that Dave Powers, a proven leader at Eagle, has agreed to take over the reins. Dave has guided American Gypsum’s path to becoming the industry leader in lowest cost production and customer satisfaction, the most important foundational elements of our broader company strategy."

Rowley had been with the company for 25 years and is credited with steering Eagle Materials through the difficult housing market downturn.

"Steve has positioned Eagle for an exciting future," said chairman Larry Hirsch. "He has led the doubling of the scale of our cement business and has guided the growth of our gypsum wallboard business in achieving its nation-wide scope. He also has successfully led the company through the longest and most challenging construction market down-cycle in US history. Today the company has the strength to capitalize on construction cycle opportunities more powerfully than ever before. I respect and understand the health issues that have dictated Steve’s decision at this time, and am grateful for the innumerable contributions he has made to the company during his tenure as CEO over the last twelve years. The board has complete confidence in Dave. We fully expect that his experience and vision will propel Eagle Materials to new heights."