Vulcan Materials chairman to retire
Company announces retirement of Donald M. James and appointment of Thomas Hill as his successor
VULCAN Materials Company, the largest producers of construction aggregates in the US, have announced that Donald M. James is to retire as the company’s non-executive chairman and from the board of directors on 31 December 2015. He will be succeeded as chairman by Thomas Hill, Vulcan’s current president and chief executive officer.
James T. Prokopanko, Vulcan’s lead director, said: ‘Don has led Vulcan Materials as the largest aggregates supplier in the US for 18 years, significantly expanding its operations throughout the nation.
‘During that time, he has guided Vulcan through periods of strong growth as well as difficult market downturns, always with a keen eye on customer service, creating opportunities for employees and building sustainable, long-term value for shareholders.
‘In particular, the actions taken by Don and the management team in recent years to increase operational efficiency, de-risk the balance sheet and maintain disciplined growth have positioned Vulcan to deliver increasingly stronger returns. On behalf of the board, I thank Don for his invaluable service to Vulcan and wish him all the best in his future endeavours.’
Commenting on his retirement, Mr James said: ‘With the building materials market continuing to expand, the enactment of a new multi-year federal highway programme and the company performing exceptionally well, now is the right time to complete the succession process we began a number of years ago that resulted in Tom Hill becoming chief executive officer in 2014.
‘Tom is an experienced, proven and talented leader with a deep understanding of Vulcan and our industry. I am confident that he and his colleagues will continue to lead Vulcan to even greater growth and value for our shareholders. I know that I am leaving Vulcan in highly capable hands.’
Mr Hill said: ‘Vulcan is a great business with strategic market positions in the largest, fastest-growing metropolitan areas across the country, extensive and unmatched aggregates reserves, and a strong financial position. I look forward to continuing to work with the board and the Vulcan leadership team to deliver on the company’s strategic goals and to continue to enhance its strong strategic position for the benefit of the company and its shareholders.’
Don James served as president of Vulcan Materials Company from 1996 to 1997 and as chief executive officer from 1997 to 2014. He has served on the company’s board of directors since 1996, was named chairman in 1997, and non-executive chairman in January 2015.
Tom Hill has been with Vulcan for more than 25 years, serving in a variety of operations and general management assignments of increasing responsibility leading up to his appointment as president and chief executive officer in July 2014.