Industry Updates: Home Center and Hardware Chains – November 2014
Ace Hardware Corporation hired Steve Locanto as corporate controller. Mr. Locanto will oversee a broad range of financial matters, including internal and external financial reporting, internal controls, operational accounting and systems.
Boise Cascade Company has named Tom Corrick to the post of COO.
Boise Cascade Company has named Dan Hutchinson Exec VP Wood Products replacing Tom Corrick who was promoted to COO.
Boise Cascade Company has promoted Wayne Rancourt to the positions of Exec VP, CFO and Treasurer.
Builders FirstSource has promoted Chad Crow, previously its Senior VP and CFO, to the title of President and COO. The company is also now in the process of searching for a new CFO; Crow will continue fulfilling those duties until a replacement is found.
Fastenal announced that CEO Willard Oberton has tendered his resignation to leave the company effective December 31. Plans call for Oberton to remain as chairman of the company and to be actively involved in strategic planning and performance measurements.
Fastenal announced that as a result of Willard Oberton’s decision to step down as CEO prompted the company to elevate President Leland Hein, Jr. to the additional role of CEO and appoint him to the board.
Gordon Lumber has selected Erin Leonard to become the company’s new president. Leonard, who started with Gordon Lumber in 2011, and most recently served as COO, was chosen to fill the role of president after an extensive nationwide search.
Home Depot U.S. Retail President Craig Menear succeeded Frank Blake as CEO. Menear, who’s been with the chain since 1997, will join him on the board immediately.
Home Depot announced that Marvin Ellison has left the company to become CEO at J.C. Penney.
Home Depot promoted Marc Powers to the role of Exec VP U.S. Stores. Powers replaces Marvin Ellison, who left Home Depot to join J.C. Penney in a role that will eventually put him in the CEO post.
IKEA has appointed Stefan Sjöstrand President of its Canadian organization after he has previously served as Senior VP, IKEA France.
The International Housewares Association has named Gregory Cairo, president of Groupe SEB USA as Treasurer. As officer of the IHA, Cairo will serve a one-year term, ending Sept. 30, 2015.
Mergers and Acquisitions:
ENAP and PAL have announced they have signed a non-binding Letter of Intent to merge. The new cooperative will have a combined purchasing power of $1.5 billion dollars annually. PAL was formed in 1937, and ENAP in 1967. Moving forward, the combined membership will span 33 states and include 447 member companies operating 742 lumberyards. The Letter of Intent is non-binding, and the merger requires approval by the shareholders of both cooperatives as well as satisfactory completion of due diligence. Steve Sallah, ENAP president and CEO will be president and CEO of the new company and PAL’s CEO and president Paul Dean will be Executive VP.
ENAP and PAL’s proposed merger currently lacks a new company name. The name of the new organization is expected to engage a great deal of discussion between now and February 2015, the deadline for the ratification of the merger agreement.
US LBM Holdings, LLC (“US LBM”) announced the acquisition of Samuel Feldman Lumber Co. (“Feldman Lumber”) of Brooklyn, NY from Robert and Kenneth Feldman. Kenny Feldman will become President of Feldman Lumber and Bob will remain with the company as well. Feldman Lumber operates four locations.
US LBM Holdings, LLC (“US LBM”) announced the acquisition of Standard Companies, Inc. of Grand Rapids, MI from the Rottschafer family. The third generation of the original founding family now manages the operation with Tim Rottschafer as President.
Marvin’s Building Materials and Home Centers is adding to its fleet of mid-sized home centers. Under construction is a store in Ozark, Alabama, which is expected to open in the spring of 2015. When completed, the store will feature a 30,000-sq.-ft. home center in addition to an attached lawn and garden center and drive-through lumberyard.
Tractor Supply Company announced the opening of its first store in the state of Utah, as the Company continues to execute upon its western expansion strategy. Utah represents the 49th state of operation for Tractor Supply.