New Enterprise Stone & Lime Co. Inc. (NESL) announced the planned May 31, 2020, retirement of Al Stone, the company’s chief financial officer. The company is conducting a formal search for his replacement, which includes internal and external candidates.
While the search is undertaken, the role of interim CFO will be shared by Paul Detwiler III and several members of the company’s experienced accounting and finance staff, led by Daryl Black, the company’s chief accounting officer, who has been with the company for nine years.
Paul Detwiler III, president and chief executive officer, said, “Al has played an essential role in the enterprise-wide transformation that has enabled NESL to deliver outstanding financial performance to our stakeholders. Under Al’s leadership, NESL has significantly improved productivity throughout our organization that we believe positions us for continued success in a highly dynamic external environment. I know Al has been looking forward to his retirement, and we wish him well.”
Stone joined NESL in 2013. Prior to NESL, Stone had a long and distinguished career as a financial executive with a variety of firms in the materials and construction industry.
“I am deeply appreciative to Paul and the entire NESL team for their support over the past seven years,” commented Stone. “Together, we improved operating income by more than $100 million while reducing debt. Equally important, we realigned our focus by selling non-core businesses such as our safety services and masonry block operations and concentrated the business on its core aggregate operations. Together, these steps should place NESL on solid footing to continue to generate stable, consistent results over the long term.”