Masonite CEO announces retirement
Masonite has reported that Fred Lynch will retire as president and CEO of the Tampa, Fla.-based door manufacturer by the end of the second quarter of 2019.
Lynch also plans to leave the company’s board of directors in connection with his retirement.
The board has initiated a process to identify a successor to Lynch, which will consider both internal and external candidates. Lynch is expected to remain in his current positions until the appointment of his successor, Masonite said.
Lynch joined Masonite as president in July 2006 and was named CEO in May 2007. During his tenure as CEO, Mr. Lynch guided Masonite through the housing downturn, the Great Recession, and the company’s listing on the New York Stock Exchange.
“After 12 years as president/CEO of Masonite, given the strong position of the company and the talented management team we have in place, I believe that now is the right time to initiate this transition of leadership responsibilities,” Lynch said in a prepared statement. “Over the last several years, we have focused on resetting our business portfolio, optimizing our manufacturing footprint, revitalizing our products and services, refreshing our brand, and implementing digital initiatives in order to position the company for growth and value creation through the current market cycle and beyond.”
“Under Fred’s leadership, the company has made tremendous progress executing its strategic plan,” said Robert Byrne, chairman of the board of directors. “Fred has effectively led the Company across market cycles and the Board thanks him for his many years of service and his dedication to our Company, employees, customers and shareholders.”
Masonite net sales increased 3% to $2.03 billion in 2017 while the company’s net income increased 51% to $157 million.
Lynch also plans to leave the company’s board of directors in connection with his retirement.
The board has initiated a process to identify a successor to Lynch, which will consider both internal and external candidates. Lynch is expected to remain in his current positions until the appointment of his successor, Masonite said.
Lynch joined Masonite as president in July 2006 and was named CEO in May 2007. During his tenure as CEO, Mr. Lynch guided Masonite through the housing downturn, the Great Recession, and the company’s listing on the New York Stock Exchange.“After 12 years as president/CEO of Masonite, given the strong position of the company and the talented management team we have in place, I believe that now is the right time to initiate this transition of leadership responsibilities,” Lynch said in a prepared statement. “Over the last several years, we have focused on resetting our business portfolio, optimizing our manufacturing footprint, revitalizing our products and services, refreshing our brand, and implementing digital initiatives in order to position the company for growth and value creation through the current market cycle and beyond.”
“Under Fred’s leadership, the company has made tremendous progress executing its strategic plan,” said Robert Byrne, chairman of the board of directors. “Fred has effectively led the Company across market cycles and the Board thanks him for his many years of service and his dedication to our Company, employees, customers and shareholders.”
Masonite net sales increased 3% to $2.03 billion in 2017 while the company’s net income increased 51% to $157 million.