Beacon Roofing Supply, Inc.
) 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
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.
Tile Shop Holdings, Inc.
) are other Zacks #3 Rank stocks in the same industry.
BEACON ROOFING (BECN): Free Stock Analysis
LUMBER LIQUIDAT (LL): Free Stock Analysis
TILE SHOP HLDGS (TTS): Free Stock Analysis
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