Summit Materials Announces Leadership Appointments

Rhea-AI Summary

Summit Materials, Inc. (SUM) has appointed Jason Kilgore, Charles DePriest, and David Loomes as Executive Vice Presidents of the reporting segments. The company aims to integrate Argos USA assets and accelerate strategic progress, expressing confidence in the new leadership's ability to advance the business both strategically and financially. Kilgore, DePriest, and Loomes bring extensive industry expertise and a commitment to developing the organization's people. Summit believes this executive team will deliver on financial commitments and create superior value for shareholders, employees, and stakeholders.

Insights

Market Research Analyst

The recent executive appointments at Summit Materials, Inc. highlight a strategic consolidation of leadership to drive the company's growth and integration of newly acquired assets. With Jason Kilgore, Charles DePriest and David Loomes at the helm of their respective segments, Summit is poised to leverage their combined expertise in finance, operations and M&A to optimize performance and expand market share.

From a market perspective, the focus on integrating Argos USA's assets and the emphasis on a values-driven, high-performance organization suggests a potential for enhanced operational efficiencies and profitability. Investors may view these appointments as a reaffirmation of Summit's commitment to strategic growth and strong governance, which could positively influence market sentiment and, consequently, the stock's performance.

Construction Industry Analyst

Summit Materials' strategic move to appoint experienced leaders in key positions is indicative of the company's focus on expanding its presence in the construction materials industry. Jason Kilgore's track record in growing a successful asphalt paving business and leading Summit's M&A strategy in the West Segment is significant. The West Segment, with markets like Salt Lake City and Phoenix, is likely to benefit from his expertise in identifying and integrating strategic acquisitions, which is crucial in an industry where regional market presence and economies of scale can drive competitive advantage.

Charles DePriest's leadership in the East Segment, complemented by his financial background and CPA credentials, suggests a strong emphasis on fiscal discipline and operational efficiency. This is particularly relevant as construction material companies often face fluctuating demand and cost pressures. His experience in executive roles and finance could help Summit navigate these challenges effectively.

David Loomes' role in overseeing the cement portfolio, including the integration of Argos USA Cement assets and leading decarbonization efforts, is critical. With sustainability becoming increasingly important in the construction industry, his expertise could give Summit a competitive edge by aligning with environmental standards and potentially opening up new market opportunities.

Sustainability and Environmental Compliance Expert

David Loomes' leadership in transitioning Continental Cement Company to produce lower carbon Portland Limestone Cement is a noteworthy development in the context of environmental sustainability. This transition could not only reduce the company's carbon footprint but also align with increasing regulatory pressures and consumer demand for sustainable building materials. As the industry grapples with the challenges of decarbonization, Summit's proactive approach under Loomes' guidance may serve as a differentiator in the market, potentially leading to long-term cost savings and a stronger brand reputation.

Furthermore, the integration of Argos USA Cement assets with a focus on sustainability could enhance Summit's product offering and market positioning. The Davenport Storage Dome project, under Loomes' leadership, is another example of Summit's investment in infrastructure that supports both growth and environmental objectives. Such initiatives could attract environmentally conscious investors and customers, making Summit's stock more appealing to a broader market segment.

DENVER, Jan. 18, 2024 /PRNewswire/ -- Summit Materials, Inc. (NYSE: SUM, "Summit" or the "Company"), a leading construction materials solutions provider, today announces that Jason Kilgore, Charles DePriest, and David Loomes will serve as Executive Vice Presidents of Summit Materials' reporting segments effective January 12, 2024

"As we undertake the integration of the Argos USA assets and accelerate our strategic progress portfolio-wide, I am pleased to have a distinguished and proven team that will lead our reporting segments," said Anne Noonan, President and CEO of Summit Materials. "Under the guidance of Jason, Charles, and David, I am extremely confident our organization will be aligned and motivated to advance our business both strategically and financially. Their extensive industry expertise, coupled with a strong commitment to developing our people is the exact recipe for fostering a values-driven, high-performance organization. With the full executive leadership team now in place, we firmly believe we have a unique opportunity to deliver on each of our financial commitments and generate superior value creation for Summit shareholders, employees, and all stakeholders."

Jason Kilgore will serve as the Executive Vice President of Summit's West Segment. With an extensive career spanning over 30 years in the construction materials industry, Jason Kilgore has been a cornerstone of Summit Materials' leadership for nearly 15 years. Jason is a seasoned executive who embodies and advances Summit's vision and values. In 2000, Jason founded Kilgore Paving, transforming it from a single pickup truck and a 600-gallon tank on a trailer into a thriving full-service asphalt paving business with a focus on aggregates and construction. After Kilgore Companies was acquired by Summit in 2010, Jason served as President of the Company's West Region, encompassing key markets such as Salt Lake City, British Columbia, and more recently Phoenix. Instrumental to the company's M&A approach, Jason has led strategic bolt-on and platform acquisitions in high-growth markets. Jason's financial acumen, coupled with his commitment to excellence, has played a pivotal role in Summit Materials' continued success. He holds a finance degree from the University of Utah.

Charles DePriest will serve as the Executive Vice President of Summit's East Segment. He brings more than 25 years of extensive experience in finance, operations, and executive leadership to his role. In 2016, Charles co-founded Georgia Stone Products, a reputable construction materials producer in Georgia. Georgia Stone Products was acquired by Summit Materials in 2017 and has emerged as a cornerstone component in Summit's greenfield growth strategy. Charles's tenure with Summit has been defined by visionary leadership, driving transformative initiatives in alignment with the Summit Elevate Strategy. His previous roles at Summit include East Region CFO, Leader of Enterprise Standardization, and Central Region President. Before joining Summit, Charles spent 16 years at Vulcan Materials Company, progressing through finance and operational ranks in Vulcan's Southeast business. A veteran of the US Army, Charles holds a Bachelor of Professional Accountancy from Mississippi State University, an MBA from Mercer University, and is an active CPA and Chartered Global Management Accountant. Charles currently serves on the Georgia Department of Natural Resources board.

David Loomes will serve as Executive Vice President of Cement with responsibility for the full cement portfolio. David has been instrumental in the implementation of comprehensive performance improvement and growth initiatives at Continental Cement Company (CCC), a Summit Materials subsidiary. During his tenure at CCC, David has prioritized improving supply chain performance, elevating overall Commercial Excellence capabilities while also leading Summit's decarbonization efforts. Under David's leadership, CCC was the first US cement company to fully convert all cement production to lower carbon, Portland Limestone Cement and David is responsible for driving key growth projects including the Davenport Storage Dome, the largest of its kind in North America. CCC and Green America Recycling have enhanced their safety record, boosted employee engagement, and consistently achieved exceptional financial outcomes under David's leadership. David will also have responsibility alongside other Integration Management Office (IMO) leadership to manage the integration of the Argos USA Cement assets. David joined Summit in 2020 with previous Senior Vice President roles with Holcim, LafargeHolcim and Suffolk Construction. David has served various industry groups, including the PCA, NRMCA, and CIM, and presently holds a position on boards of The Portland Cement Association and the American Concrete Paving Association. 

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.

Cautionary Note Regarding Forward-Looking Statements

This communication includes "forward-looking statements" within the meaning of the federal securities laws, which involve risks and uncertainties. Forward-looking statements include all statements that do not relate solely to historical or current facts, and you can identify forward-looking statements because they contain words such as "believes," "expects," "may," "will," "outlook," "should," "seeks," "intends," "trends," "plans," "estimates," "projects" or "anticipates" or similar expressions that concern our strategy, plans, expectations or intentions. All statements made relating to our estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates and financial results are forward-looking statements. Such forward-looking statements include but are not limited to statements about the integration of the Argos USA assets, acceleration of our strategic progress, and other statements that are not historical facts. These forward-looking statements are subject to risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. We derive many of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, it is very difficult to predict the effect of known factors, and, of course, it is impossible to anticipate all factors that could affect our actual results. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be realized. Important factors could affect our results and could cause results to differ materially from those expressed in our forward-looking statements, including but not limited to the factors discussed in the section entitled "Risk Factors" in Summit's Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as filed with the SEC, and any factors discussed in the section entitled "Risk Factors" in any of our subsequently filed SEC filings. All subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements. Any forward-looking statement that we make herein speaks only as of the date of these materials. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law.

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 newly appointed Executive Vice Presidents of Summit Materials?

Jason Kilgore, Charles DePriest, and David Loomes have been appointed as the new Executive Vice Presidents of Summit Materials.

What is the ticker symbol for Summit Materials?

The ticker symbol for Summit Materials is 'SUM' on the NYSE.

What is the role of Jason Kilgore at Summit Materials?

Jason Kilgore will serve as the Executive Vice President of Summit's West Segment, bringing over 30 years of experience in the construction materials industry.

What experience does Charles DePriest bring to Summit Materials?

Charles DePriest brings more than 25 years of extensive experience in finance, operations, and executive leadership to his role as the Executive Vice President of Summit's East Segment.

What is David Loomes's responsibility at Summit Materials?

David Loomes will serve as the Executive Vice President of Cement with responsibility for the full cement portfolio, focusing on performance improvement, growth initiatives, and the integration of the Argos USA Cement assets.

What are the qualifications of Charles DePriest?

Charles DePriest holds a Bachelor of Professional Accountancy from Mississippi State University, an MBA from Mercer University, and is an active CPA and Chartered Global Management Accountant.

What are the key achievements of David Loomes at Summit Materials?

David Loomes has been instrumental in implementing comprehensive performance improvement and growth initiatives at Continental Cement Company, leading decarbonization efforts, and driving key growth projects.