Summit Materials Announces Board of Directors Appointments

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Summit Materials, Inc. (SUM) has appointed Jorge Mario Velasquez, Irene Moshouris, and Juan Esteban Calle to its Board of Directors. Jorge Velasquez, president of Grupo Argos, and Irene Moshouris, former senior VP of United Rentals, bring extensive experience in the infrastructure and industrial sectors. Juan Calle, CEO of Cementos Argos, has a strong background in investment banking and international finance. The addition of these seasoned professionals is expected to drive growth and value creation for Summit Materials.

DENVER, Jan. 17, 2024 /PRNewswire/ -- Summit Materials, Inc. (NYSE: SUM, "Summit" or the "Company") is pleased to announce the appointment of Jorge Mario Velasquez, Irene Moshouris, and Juan Esteban Calle to the Summit Materials Board of Directors, effective January 12, 2024. Following these appointments, and together with the retirement of John Murphy, the Board consists of 11 directors, 10 of whom are independent.

"We are delighted to welcome an experienced and accomplished set of new board members to the Summit Materials board," said Howard Lance, chairman of Summit Materials. "Their individual strengths and unique backgrounds together with a shared commitment to our mission and values will be invaluable as we integrate Argos USA into the Summit family and press forward with our next phase of growth and value creation."

Jorge Mario Velasquez has served as president of Grupo Argos, an infrastructure holding company in the Americas since 2016. Grupo Argos is a leader in the cement business through its subsidiary Cementos Argos, which, together with affiliates, is a 31% owner of Summit Materials. Mr. Velasquez began his career at Argos in 1983 and has held positions of increasing responsibility within the organization including an outstanding career as president of Cementos Argos, leading their business across 15 countries. He is currently a senior member of the board of directors of Cementos Argos, Celsia, Odinsa, Fundación Grupo Argos, Proantioquia, and the Superior Council of the EIA University. Mr. Velasquez will serve on the Company's Governance and Sustainability Committee.

Irene Moshouris was with United Rentals, Inc. for 17 years, most recently as senior vice president and treasurer, before retiring in 2023. During her distinguished tenure, Ms. Moshouris played a key executive role helping to complete approximately 25 acquisitions that transformed the company into a leading mega-cap industrials entity. Prior to United Rentals, she served in finance management roles with Avon Products and GTE Corp. Ms. Moshouris has a bachelor's degree in accounting and economics from Queens College, a Master of Laws degree in tax law and taxation from New York University School of Law, and a juris doctor degree from Brooklyn Law School. Ms. Moshouris will serve on the Company's Audit Committee.

Juan Esteban Calle, CEO of Cementos Argos S.A for the prior 8 years was instrumental to the combination between Summit and Argos USA. Prior to his current role, Mr. Calle served as the General Manager of the multi-utility company EPM of Medellín, leading the successful transformation of Grupo EPM, and implementing a growth strategy in both local and international markets. With a background as a Senior Investment Banking Associate at Chase Manhattan Bank in New York, founding partner of Metrix Finanzas in Bogota, Secretary of the Treasury of the Department of Antioquia, Director of Foreign Investment at the ProColombia Office in Canada, and an Investment Advisor at the Bank of Montreal, Mr. Calle's career reflects a strategic vision and leadership across various sectors, showcasing his financial acumen and international expertise. He holds a degree in Business from EAFIT University, and an MBA with a focus on Finance and Economics from the University of Chicago Booth School of Business. Mr. Calle Restrepo will serve on the Company's Human Capital and Compensation Committee.

About Summit Materials, Inc.

Summit Materials is a market-leading producer of aggregates and cement with vertically integrated operations that supply ready-mix concrete and asphalt in select markets. Summit is a geographically diverse, materials-led business of scale that offers customers in the United States and British Columbia, Canada high quality products and services for the public infrastructure, residential and non-residential end markets. Summit has a strong track record of successful acquisitions since its founding and continues to pursue high-return growth opportunities in new and existing markets. For more information about Summit Materials, please visit www.summit-materials.com.

Contact Information

Andy Larkin
VP, Investor Relations
Summit Materials, Inc.
andy.larkin@summit-materials.com 
720-618-6013

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SOURCE Summit Materials, Inc.

FAQ

Who are the new members appointed to Summit Materials Board of Directors?

The new members appointed to Summit Materials Board of Directors are Jorge Mario Velasquez, Irene Moshouris, and Juan Esteban Calle.

What is the ticker symbol for Summit Materials?

The ticker symbol for Summit Materials is 'SUM'.

What is Jorge Mario Velasquez's background and experience?

Jorge Mario Velasquez is the president of Grupo Argos and has extensive experience in the cement business. He has held leadership positions at Cementos Argos and other organizations.

What is Irene Moshouris's previous role and experience?

Irene Moshouris was the senior vice president and treasurer at United Rentals, Inc. for 17 years. She played a key role in the company's acquisitions and financial management.

What is Juan Esteban Calle's professional background?

Juan Esteban Calle is the CEO of Cementos Argos S.A and has a strong background in investment banking and international finance. He has held various leadership roles in finance and business development.