Eagle Materials has announced that its CEO, Dave Powers, has decided to retire as an officer of the company. This will be effective from 1 July 2019. Powers will remain on the Eagle Materials Board of Directors.
Micheal Haack, President and Chief Operating Officer, will succeed Powers as the new CEO. This move represents the culmination of a multi-year succession plan and a comprehensive set of transition preparedness steps undertaken by the Board over the last four years.
Following a 17 year career at Halliburton Energy Services, with successively significant operating positions, including management of Global Operations for Sperry Drilling (a US$3.5 billion with 8000 employees globally), Haack joined Eagle as Chief Operating Officer in 2014. He was named President and Chief Operating Officer in 2018, in recognition of his increasing responsibilities and as a reflection of his accomplishments in leading the operating organisation. Haack has a MBA from Rice and Master and Bachelor degrees in Industrial Engineering from Texas A&M and Purdue, respectively.
The decision of Powers to retire will bring to a close a career spanning 40 years in the building materials industry. He joined Eagle in 2002 and was promoted to Executive Vice President for Gypsum in 2005. He became President and CEO of the company in early 2016.
“Micheal has been instrumental in building upon the company’s enviable low cost positions and sustainable advantages, particularly as they relate to the scale of operations that Eagle represents today,” said Rick Stewart, Chairman of the Board. “We are enormously grateful for the innumerable contributions Dave has made to the company during his tenure and are delighted that we will be able to retain the benefit of his perspectives as a Board member.”
“I have been privileged to lead an organisation that is the undisputed benchmark company in our industry today, and one whose future prospects have never been brighter,” said Powers. “I have every confidence the Board is making the right decision in promoting Michael into this role, a role that he is well prepared to undertake in conjunction with the truly extraordinary team in place at Eagle.”
“I look forward to continuing the company’s well-established strategy and leading Eagle to even greater levels of performance,” said Haack. “Our focus on serving and delighting our constituents, including our customers, employees, and investors, will remain unrelenting. One of Eagle’s greatest strengths is the caliber of the team at Eagle, and I look forward to working with the team in writing our next chapter of accomplishment.”
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