Vulcan Materials Co. has named J. Thomas Hill, 55, president and CEO and elected him to the board of directors. Hill, the former executive vice president and chief operating officer, succeeds Donald James, 65, who becomes executive chairman.
The company also announced that it has promoted John McPherson, 46, previously executive vice president and CFO, to the position of executive vice president, chief financial and strategy officer. In this new position, McPherson will retain his current responsibilities while also assuming the strategy and human resources functions of the company.
"Having successfully navigated the worst downturn in our industry's history, now is the right time to put in place our new leadership team, led by Tom, to guide the Company and expand our market leadership in the industry," said James. "Tom has been a tremendous asset to our Company over the years, particularly as we successfully enhanced Vulcan's profitability and financial strength during the market downturn and positioned the Company for strong performance during the recovery. Tom is a proven leader with vast operational and industry experience and superlative management skills. He is the right person at the right time to lead our company forward in its next phase of growth. Given his strong track record at Vulcan, deep understanding of our organization and close relationship with the management team, we are confident that Tom will transition seamlessly into this new role."
"John McPherson has proven to be an extremely valuable member of our senior management team since joining Vulcan in 2011," James continued. "His experience as an investment banker and management consultant, and his successful tenure as one of Vulcan's regional senior vice presidents, have prepared him well to assist Tom in leading our company forward."
"I am honored to have the opportunity to lead such an exceptional Company and team of professionals, with the best employees in the industry," said Hill. "Our newly formed executive team of John McPherson, Stan Bass, our West Region senior vice president, and Michael Mills, our senior vice president and general counsel, along with our superior regional vice presidents, general managers and employees throughout the Company, are focused on the continuing strategic expansion of our world class assets and geographic footprint in high growth markets. We look forward to growing our best-in-class profit margins and markets, further strengthening our customer and community relationships, and building new opportunities for the growth and development of our employees. Building on our record of steady strategic growth in key U.S. markets, we will further and significantly enhance Vulcan's unmatched competitive position in the industry. We firmly believe that our aggregates-focused growth strategy is the right one at the right time to generate substantial long-term value for our shareholders, employees and customers."
Vice Chairman Danny Shepherd and Daniel Sansone, executive vice president, strategy, will continue to report to the Executive Chairman as they work with the new leadership team in executing the company's business development and strategic initiatives, and on other transition issues.
Douglas J. McGregor, Lead Director, said, "On behalf of the board, I want to thank Don for his invaluable contributions to the company as CEO over the years, and in particular for his role in enhancing Vulcan's financial strength and strategic focus during the economic recession and downturn in the construction industry. Today, thanks in large part to Don's leadership, Vulcan is extremely well positioned to benefit from the construction market recovery and to deliver value over the long term. Under Don's leadership, first as president and then CEO, Vulcan Materials' enterprise value has grown from $2 billion to $10 billion, its permitted reserves base has doubled from 7.5 billion tons to more than 15 billion tons today, and the aggregates facilities it operates have increased from 122 to 327."
Vulcan also announced that Cynthia Hostetler, 51, has been elected to the board of directors and that Phillip Farmer, 75, is retiring from the board.