Vulcan Materials Co. announced a succession plan for the chief financial officer position. The company has named Suzanne H. Wood as senior vice president and chief financial officer, effective Sept. 1, 2018. Wood will succeed John R. McPherson, currently executive vice president, chief financial and strategy officer.
In order to ensure a smooth transition, McPherson will continue to serve in his current capacity until the end of August, and will remain with Vulcan as chief strategy officer until the end of 2018, after which he plans to spend more time with his family in Dallas.
Tom Hill, chairman and CEO, said, “Vulcan has benefitted tremendously from John’s counsel and leadership over the years and we appreciate John’s commitment to a smooth handover. He has played a critical role in all of our endeavors as we have continued to build an even stronger, aggregates-focused company with strategic positions in high-growth markets across the United States. We are very grateful for John’s dedicated service to the company. At the same time, we understand the challenges of splitting his time between his home in Dallas and Vulcan’s headquarters in Birmingham, and his desire to spend more time with his family. John will remain an active member of our team executing Vulcan’s ongoing strategy until the end of the year.”
Continued Hill, “After having engaged in a thoughtful search for a new CFO, we are delighted to welcome Suzanne Wood to Vulcan. She is a proven executive who will bring valuable experience and perspective to our senior team. Suzanne most recently served as the CFO of Ashtead Group, a FTSE 50 international equipment rental company serving the construction industry and other markets. As such, she has a strong understanding of the end markets we supply and of how to drive growth in a multi-local business. During her tenure as CFO of Ashtead Group, the company’s revenues, profits and market value all increased significantly, while debt leverage declined. We look forward to her contributions to Vulcan’s future success.”
From 2012 to 2018, Wood was group finance director and CFO of Ashtead Group plc, (2017 revenues of $4.2 billion). Prior to becoming CFO of Ashtead, Wood was executive vice president and CFO of Sunbelt Rentals Inc., the North American subsidiary of Ashtead comprising nearly 90 percent of its revenues. A certified public accountant, Wood also previously held CFO positions at Tultex Corp. and Oakwood Homes Corp.
She currently serves on the board of directors and Audit Committee of RELX Group, a FTSE 50 global professional information and analytics company. Wood, a graduate of Virginia Polytechnic Institute and State University, began her career with PricewaterhouseCoopers.
In her new capacity as senior vice president and chief financial officer of Vulcan, Wood will report to Chairman and CEO Tom Hill.
Hill concluded, “Vulcan is well positioned for years to come, and we remain focused on continuing to grow cash flow and margins, as we benefit from the ongoing strength of private construction in our markets, growing spending across the public sector, and the outstanding performance of our sales and operating teams.”