CEO of Stock Building Supply departs
Employees from the Raleighbased company were notified today with an email message from the company's chairman that CEO Joe Appelmann, deutschland trikot 2013 who has led the organization since 2007, has exited the company. No reason was given for his departure.Stock's chairman, Tim Meyer, praised Appelmann, a 22yearveteran from the company, for leading the company "exceptionally well.""The new CEO of Stock has been identified and will come along now to start his responsibilities," Meyer wrote in the email. Company spokeswoman Robin Fastenau said via email that the new CEO is going to be announced "very shortly" but offered not one other details."No other organizational announcements are planned at this time," Meyer wrote.Stock, which was founded in 1922 as Carolina Builders Corp., sells windows, doors, roofing and other housing materials a segment that's been hit hard through the recession. It's a major player in the market, operating in 20 markets deutschland trikot nationwide.The organization eliminated thousands of jobs nationwide to cut costs as sales slumped but nonetheless wound up seeking bankruptcy protection last year to lessen its debt. Stock, that was in bankruptcy for under two months, emerged with a sharper focus abandoning its efforts to expand beyond residential construction.A California private equity finance firm, The Gores Group, owns a 51 percent stake available. The organization started the year with 555 employees within the Triangle, down from 1,100 at its peak.Under Appelmann's leadership Stock made two acquisitions this season, building supply companies in Houston and Arkansas.Meyer wrote of Appelmann: "Joe became CEO in 2007 during the heart of the housing crisis and led the organization exceptionally well through its sale to Gores along with a rapid restructuring."Meyer's announcement included a comment from Appelmann, who had been quoted as saying that "Stock is definitely an exceptional place to make use of a good chance. I must thank every associate for the courtesy and loyalty they extended to me during my tenure. My sincere hope is they will provide the same support to my successor. I cherish all dfb trikot of the friendships I developed through the years and look toward maintaining those relationships in the future."