Trex names next CEO
Trex Company announced that its board of directors has elected Bryan Fairbanks as the decking and railing manufacturer’s next CEO and president.
Fairbanks currently serves as Trex executive vice president and chief financial officer. Current president and CEO James Cline has also announced that he will retire and become Trex’s next chairman of the board. The transition is expected to take place on April 29. At that time, current chairman Ronald Kaplan will move to vice chairman.
Fairbanks joined Trex in 2004 as director of financial planning and analysis and has held positions of increasing responsibility throughout his tenure at the Company. In 2006 he moved into operations as the senior director of supply chain and was promoted to executive director of international business development in 2012. In 2015, Fairbanks was named vice president and CFO. He was named executive vice president in July 2018.
Prior to joining Trex, Fairbanks held several finance positions at Ford Motor Company.
Bryan Fairbanks
“This represents a smooth leadership transition for the company,” Cline said. “Bryan and I have worked together closely for more than four years on developing strategies to strengthen the Trex brand, consolidate our market leadership in composites and accelerate conversion from the dominant wood market, while delivering strong financial results. I am confident that Bryan’s leadership skills and dedication to excellence will foster the company’s continued growth.”
The move arrives as Trex turned in a strong performance for its fourth quarter 2019 and the full fiscal year. Sales rose 18% during the quarter and 9% for the year while the company’s net income increased 41% in the fourth quarter and 7.4% for the year.
“I appreciate this vote of confidence from the Trex Board of Directors,” Fairbanks said. “It has been a rewarding experience to work with Jim and the Trex executive leadership team in implementing the company’s growth strategies, and I look forward to continuing our teamwork as I take on new responsibilities.”
Fairbanks currently serves as Trex executive vice president and chief financial officer. Current president and CEO James Cline has also announced that he will retire and become Trex’s next chairman of the board. The transition is expected to take place on April 29. At that time, current chairman Ronald Kaplan will move to vice chairman.
Fairbanks joined Trex in 2004 as director of financial planning and analysis and has held positions of increasing responsibility throughout his tenure at the Company. In 2006 he moved into operations as the senior director of supply chain and was promoted to executive director of international business development in 2012. In 2015, Fairbanks was named vice president and CFO. He was named executive vice president in July 2018.Prior to joining Trex, Fairbanks held several finance positions at Ford Motor Company.
Bryan Fairbanks“This represents a smooth leadership transition for the company,” Cline said. “Bryan and I have worked together closely for more than four years on developing strategies to strengthen the Trex brand, consolidate our market leadership in composites and accelerate conversion from the dominant wood market, while delivering strong financial results. I am confident that Bryan’s leadership skills and dedication to excellence will foster the company’s continued growth.”
The move arrives as Trex turned in a strong performance for its fourth quarter 2019 and the full fiscal year. Sales rose 18% during the quarter and 9% for the year while the company’s net income increased 41% in the fourth quarter and 7.4% for the year.
“I appreciate this vote of confidence from the Trex Board of Directors,” Fairbanks said. “It has been a rewarding experience to work with Jim and the Trex executive leadership team in implementing the company’s growth strategies, and I look forward to continuing our teamwork as I take on new responsibilities.”