Summit Materials Inc. announced that Brian J. Harris, executive vice president and chief financial officer (CFO) plans to retire after a decade with the company. As part of a planned transition, Harris will continue in the CFO role until a successor is installed, after which time he will take on a non-executive role until his retirement date in the fourth quarter of 2023. To ensure a seamless transition, Harris will then continue to be engaged as a consultant to Summit for a period of time.
“Brian’s finance leadership and foresight has truly set up Summit for continued success with our Elevate Strategy,” commented Anne Noonan, Summit Materials president and CEO. Last quarter (ended July 2) we reported record quarterly earnings, the lowest net leverage in company history and the strongest balance sheet in company history. Thanks in part to Brian’s efforts, we have the financial flexibility to pursue a broad range of high return capital allocation priorities that are value creative to Summit shareholders. This includes investing to grow in priority markets, advancing our market leadership position through growth initiatives, including greenfields, as well as pursuing attractive M&A opportunities that align with our portfolio optimization criteria. Brian has built an experienced, top-notch finance team over the last several years that is well prepared to continue executing our Elevate Strategy, and we look forward to welcoming a new finance leader who will build upon this excellent foundation. All of us at Summit Materials are thankful to Brian for his years of dedicated service and commitment to the business.”
Harris joined Summit Materials as EVP and CFO in October 2013. Mr. Harris played a central role in Summit’s 2015 IPO, as well as the establishment and leadership of the company’s finance, information technology, investor relations and procurement functions.
Summit’s board of directors has embarked upon a search for Harris’s successor, which is expected to include both external and internal candidates.