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President, COO of Gibraltar Industries to retire

BUFFALO, N.Y. (AP) -- Gibraltar Industries Inc. said Monday that the executive who has served as president and chief operating officer of the building-products company since 2004 will retire at the end of the year.

The company said that it hired search firm Korn/Ferry International to help find a replacement for Henning Kornbrekke.

Kornbrekke joined Gibraltar in 2002 as president of its building-products group, and the company listed his age in March as 68. In a statement issued by Gibraltar, he said he would spend the next several months working with colleagues "as we strive to position Gibraltar for profitable growth."

Gibraltar operates an industrial segment that provides supplies for road and bridge work, but its fortunes are closely tied to the housing and remodeling markets. Construction has recovered only slightly from the 2008 recession, and new housing starts have lagged the long-term average.

For the first six months of this year, the company earned $4.1 million, a decline of 56 percent from the same period in 2012. It had revenue last year of $790 million.

Shares of Gibraltar fell 6 cents to $13.53 in morning trading. They have fallen 15 percent this year.