Core & Main Announces Executive Leadership Changes

Rhea-AI Summary

Core & Main (NYSE: CNM) announced significant changes to its executive leadership team. Jack Schaller steps down as president to become executive vice president, focusing on integrating newly acquired businesses and supplier relations. Schaller expressed confidence in this planned transition, emphasizing his commitment to ongoing success.

Brad Cowles, previously leading the fire protection product line, will now oversee the waterworks product line, in addition to several growth and margin initiatives. Cowles has over 18 years of leadership experience within Core & Main.

Mike Huebert is set to join the company on July 22, 2024, as president of the fire protection product line and other high-growth areas. Huebert brings extensive experience from Advanced Drainage Systems, where he oversaw field sales, engineering, national accounts, and retail sales teams.

CEO Steve LeClair believes these changes strategically align the company for profitable growth and increased shareholder value.

Positive

• Brad Cowles will lead both the waterworks product line and growth initiatives, leveraging his 18 years of experience.
• Mike Huebert's appointment is expected to enhance business development and commercial operations starting July 22, 2024.
• Strategic leadership changes are aimed at driving profitable growth and increasing shareholder value.

Negative

• The transition of Jack Schaller from president to executive vice president could create uncertainties during the integration of new businesses.

ST. LOUIS--(BUSINESS WIRE)-- Core & Main Inc. (NYSE: CNM), a leader in advancing reliable infrastructure with local service, nationwide, announces changes to its executive leadership team.

Jack Schaller, president, has announced that he will transition to a role as executive vice president. Given the strong performance under his leadership, Schaller has committed to ensuring the ongoing success and continued growth of the business. As part of this transition, Schaller will continue supporting the integration of our newly acquired businesses, leading supplier relations and assisting with this organizational transition.

“This transition is something I have been thinking about for some time,” Schaller said. “I’ve grown to love this industry over my 40-plus years, and it’s important to me to make sure Core & Main is in a position where I can make this move with a solid plan in place for our future success.”

As part of that plan, Brad Cowles, president, will be expanding his role to lead the waterworks product line, previously led by Schaller. Cowles has more than 18 years of leadership experience in the organization, most recently leading the fire protection product line. In addition to his core waterworks responsibilities, Cowles will have responsibility for several growth and margin initiatives.

Finally, Core & Main is excited to announce that Mike Huebert will join the company July 22, 2024 as president, overseeing our fire protection product line and certain other high growth product lines. Huebert is executive vice president of sales with Advanced Drainage Systems (NYSE: WMS) where he oversees field sales and engineering, national accounts and retail sales teams. He will bring a wealth of experience, having managed business development, commercial operations, and driving sales and operational performance for ADS, one of Core & Main’s top suppliers.

“This is an opportunity to add a well-respected, talented leader in Mike Huebert. The chance to add an executive with his experience does not come along often, and I am excited to have him join our business. By transitioning some of Jack’s responsibilities to Brad, and by bringing on a capable new leader, Core & Main is well positioned to take the organization to the next level,” said Steve LeClair, chair and CEO of Core & Main. “As we continue on our path to driving shareholder value, the evolution of our executive leadership team strategically aligns our collective strengths and opens new opportunities for profitable growth.”

About Core & Main

Based in St. Louis, Core & Main is a leader in advancing reliable infrastructure™ with local service, nationwide^®. As a leading specialized distributor with a focus on water, wastewater, storm drainage and fire protection products and related services, Core & Main provides solutions to municipalities, private water companies and professional contractors across municipal, non-residential and residential end markets, nationwide. With more than 350 locations across the U.S., the company provides its customers local expertise backed by a national supply chain. Core & Main’s nearly 5,500 associates are committed to helping their communities thrive with safe and reliable infrastructure. Visit coreandmain.com to learn more.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this press release include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include information concerning Core & Main’s financial and operating outlook, as well as any other statement that does not directly relate to any historical or current fact. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “could,” “should,” “forecasts,” “expects,” “intends,” “plans,” “anticipates,” “projects,” “outlook,” “believes,” “estimates,” “predicts,” “potential,” “continue,” “preliminary,” or the negative of these terms or other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we can give you no assurance these expectations will prove to have been correct. These forward-looking statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements.

Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made and, except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240708209832/en/

Investor Relations:

Robyn Bradbury, 314-995-9116

InvestorRelations@CoreandMain.com

Media Relations:

Jennifer Noonan, 314-750-9670

Jennifer.Noonan@CoreandMain.com

Source: Core & Main, Inc.

FAQ

What executive leadership changes did Core & Main announce?

Core & Main announced that Jack Schaller will transition from president to executive vice president, Brad Cowles will take over the waterworks product line, and Mike Huebert will join as president overseeing fire protection on July 22, 2024.

When will Mike Huebert join Core & Main as president?

Mike Huebert will join Core & Main as president on July 22, 2024.

What roles will Jack Schaller focus on after his transition to executive vice president?

Jack Schaller will focus on integrating newly acquired businesses, leading supplier relations, and assisting with organizational transitions.

What responsibilities will Brad Cowles have in his expanded role?

Brad Cowles will lead the waterworks product line, previously managed by Jack Schaller, and oversee several growth and margin initiatives.

What experience does Mike Huebert bring to Core & Main?

Mike Huebert brings extensive experience from Advanced Drainage Systems, where he managed field sales, engineering, national accounts, and retail sales teams.