Fred Lynch Plans to Retire; Will Continue Serving as President and
CEO Until Successor is Identified
TAMPA, Fla.--(BUSINESS WIRE)--
Masonite International Corporation (NYSE:DOOR) today announced that Fred
Lynch plans to retire as President and Chief Executive Officer of the
Company by the end of the second quarter of 2019. Mr. Lynch also plans
to leave the Company’s Board of Directors in connection with his
retirement.
As part of Masonite’s succession planning, Masonite’s Board of Directors
has initiated a process to identify a successor to Mr. Lynch, which will
consider both internal and external candidates. Spencer Stuart has been
engaged to assist with the process. In order to ensure an orderly
transition, Mr. Lynch is expected to remain in his current positions
until the appointment of his successor.
Mr. Lynch joined Masonite as President in July 2006 and was named CEO in
May 2007. During his tenure as CEO, Mr. Lynch guided the Company through
the housing downturn precipitated by the financial crisis and the
subsequent recovery of the housing market and the Company’s listing on
the New York Stock Exchange.
“After 12 years as President/CEO of Masonite, given the strong position
of the Company and the talented management team we have in place, I
believe that now is the right time to initiate this transition of
leadership responsibilities,” said Mr. Lynch. “It has been an honor and
a privilege to lead Masonite and its global team of approximately 10,000
talented employees. Over the last several years, we have focused on
resetting our business portfolio, optimizing our manufacturing
footprint, revitalizing our products and services, refreshing our brand,
and implementing digital initiatives in order to position the Company
for growth and value creation through the current market cycle and
beyond. I am confident that Masonite has the right plan and the right
team in place to achieve its objectives. I am committed and look forward
to continuing to lead Masonite until a successor is chosen.”
“Under Fred’s leadership, the Company has made tremendous progress
executing its strategic plan,” said Robert Byrne, Chairman of the Board
of Directors. “Fred has effectively led the Company across market cycles
and the Board thanks him for his many years of service and his
dedication to our Company, employees, customers and shareholders.”
Mr. Byrne continued, “The Board and Fred have regularly discussed
succession planning and we are confident that the orderly process we are
now undertaking will ensure a smooth transition for Masonite and all of
our stakeholders. Fred plans to stay with Masonite until sometime during
the second quarter of 2019 and is committed to working closely with the
Board to identify his successor and seamlessly transition his
responsibilities.”
About Masonite
Masonite International Corporation is a leading global designer and
manufacturer of interior and exterior doors for the residential new
construction; the residential repair, renovation and remodeling; and the
non-residential building construction markets. Since 1925, Masonite has
provided its customers with innovative products and superior service at
compelling values. Additional information about Masonite can be found at www.masonite.com.
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Joanne Freiberger, CPA, CTP, IRC
VP, TREASURER
jfreiberger@masonite.com
o
// 813.739.1808
Farand Pawlak, CPA
DIR. INVESTOR RELATIONS
fpawlak@masonite.com
o
// 813.371.5839
Source: Masonite International Corporation