LP taps new CEO; reports 21% sales boost in Q1
Louisiana-Pacific has named a successor to its outbound CEO -- and had double-digit growth to speak of in the first quarter too.
Brad Southern will take over from Curt Stevens as CEO effective July 1, after Stevens retires. Stevens has served as CEO since 2012, and Southerns will be the company's 5th CEO.
“The board of directors is pleased to announce the appointment of Brad Southern as our new CEO,” LP chairman Gary Cook said. “Brad is a leader with exceptional integrity and ability. His deep experience and familiarity with LP, along with his expansive knowledge of all aspects of the building products business, make him well suited to lead LP into a promising future.”
Cook continued, “Curt Stevens has served LP with distinction for almost 20 years and we have been fortunate to have benefited from his vision and leadership as the company has grown during his tenure as CEO. Curt has been an integral part of the Boards’ succession planning, and we appreciate his efforts to make this transition seamless.”
“I have thoroughly enjoyed my 20 years with the safest company in our industry,” Stevens said. “It has been an honor to lead LP during these past five years as the company grew despite a tepid housing market. Our people have risen to every challenge and embedded continuous improvement, competitiveness and a growth and innovation discipline into our business."
Southern has been Executive Vice President, Chief Operating Officer since November 2016. He previously was named Executive Vice President of OSB in 2015, Senior Vice President of Siding in 2012 and Vice President of Specialty Operations in 2004.
“Curt’s strategic vision and proven leadership has LP well positioned,” said Southern, who Stevens hired in 1999. “We have exceptional people, quality products, and the financial position to take full advantage of the current upturn in the housing market. I believe great things are in our future.”
Additionally, the company reported a 21% net sales boost in the first quarter (to net sales of $611 million), as well as net income of $55 million compared to $10 million in 2016.
According to Stevens, the quarter was led by higher OSB prices and a 16% volume increase in Siding. Additionally, the EWP segment returned to profitability.