Beacon Appoints Acting CFO
Beacon Roofing Supply, Inc. (BECN) has promoted Rick Welker to the position of acting chief financial officer (:CFO), replacing David Grace who retired at the end of last year. With this news, shares of Beacon Roofing hit their 52-week high of $34.45 on January 2, 2013.
An executive recruiting firm is assisting the company in finding a permanent replacement for David Grace. Welker joined Beacon Roofing as Corporate Controller in 2004. He has been serving as the company’s vice president since February 2006 and as the chief accounting officer.
Rick Welker has the experience and technical abilities suited for the role during the transition period. He is a Certified Public Accountant and a Certified Management Accountant. Welker holds a BSBA degree from Western New England University and was awarded with outstanding accounting major by the WNEU faculty and the Massachusetts Society of CPAs. Welker also holds an MBA in International Business from the University of Connecticut.
During his tenure in Beacon Roofing, Welker has helped build a capable finance team, including the divisional and regional controllers across North America to execute acquisitions. He has played an integral role in Beacon Roofing’s transformation to a successful public company and in its substantial growth over the years.
Acquisitions are an important part of Beacon Roofing’s growth strategy. The company’s prime focus is to target market leaders in geographic areas where it does not have a presence. Beacon Roofing also acquires companies to supplement branch openings within existing markets. Beacon Roofing remains fairly active on the acquisition front and we expect the acquisitions to continue at an accelerated pace in the near term.
Both U.S. residential and non-residential construction sectors are finally stabilizing and are on the road to a much-awaited recovery, which bodes well for the Beacon Roofing. Demand for re-roofing is also on the rise given an aging U.S. housing stock. Beacon Roofing currently maintains a Zacks #3 Rank (Hold) over the short term.
This move has been appreciated by the market as is evident from the recent rise in shares. The selection of an able candidate as a permanent successor will surely lend support to the stock and improve investor sentiment.
Beacon Roofing is a leading distributor of roofing materials and complementary building products. It currently operates 229 branches encompassing 38 states in the United States and Canada. Lumber Liquidators Holdings, Inc. (LL), Tile Shop Holdings, Inc. (TTS) are other Zacks #3 Rank stocks in the same industry.
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