Summit Materials Appoints Kekin Ghelani as Chief Strategy and Growth Officer

Rhea-AI Summary

Summit Materials has appointed Kekin Ghelani as its first-ever Chief Strategy and Growth Officer. With over 25 years of experience, Ghelani aims to enhance the company's Elevate Summit Strategy, focusing on market leadership and innovation. He previously served in senior roles at DuPont, Celanese, McKesson, and Honeywell. Under his leadership, Summit targets over 30% EBITDA Margin and greater than 10% Return on Invested Capital. Ghelani's appointment signals a strategic shift towards a robust growth strategy that supports Summit's objectives for long-term value creation.

Positive

• Kekin Ghelani's extensive experience in strategy and corporate development enhances leadership.
• Focus on achieving over 30% EBITDA Margin and greater than 10% Return on Invested Capital (ROIC).
• Ghelani's role includes leading innovation, corporate development, and IT functions.

Negative

• Concerns regarding the adaptation of the company's existing strategies with new leadership.

DENVER--(BUSINESS WIRE)-- Summit Materials, Inc. (NYSE: SUM, “Summit,” or the “Company”), a leading vertically integrated construction materials company, has appointed Kekin Ghelani as the Company’s first-ever Chief Strategy and Growth Officer. Kekin brings a wealth of experience in strategy, corporate development, marketing, branding, IT, and innovation.

CEO of Summit Materials, Anne Noonan, commented, "Kekin’s leadership, extensive M&A experience, and over 25 years leading growth and value creation in manufacturing industries will position him well to advance our Elevate Summit Strategy through this new role.” Anne continued, “Kekin will help lead the charge as we pursue market leadership, further progress our asset light approach, champion social responsibility and drive the development of the innovation pillar of our Elevate Summit Strategy. He brings an impressive track record of customer driven success that uniquely complements Summit’s growth and margin expansion objectives.”

Previously Kekin was Vice President of Strategy, Growth and Ventures for the Water & Protection of DuPont de Nemours, Inc. and held senior positions at Celanese, McKesson, and Honeywell. He holds an MBA from Emory University.

In his role as Chief Strategy and Growth Officer, Kekin Ghelani will develop a robust growth strategy and programs to support the Company’s business plans and overall Elevate Summit strategic objectives, including leading Summit’s innovation, corporate development, and IT functions. Julio DaSilva, leading the Company’s Information Technology function as Chief Information Technology Officer, and Trent Musso, Senior Vice President, Corporate Development, leading Summit’s Development team will also report to Kekin. Kekin will play a key role in achieving the Company’s Elevate Summit goals of greater than 30% EBITDA Margin and greater than 10% Return on Invested Capital (ROIC).

“I am honored to join Summit Materials, a values-driven organization, at this important time for both the Company and the construction materials industry. I look forward to working with the talented team to create long-term value for all of Summit Materials’ employees, customers, partners and shareholders," mentioned Kekin. “I am excited to get started.”

About Summit Materials

Summit Materials is a leading vertically integrated materials-based company that supplies aggregates, cement, ready-mix concrete and asphalt in the United States and British Columbia, Canada. Summit is a geographically diverse, materials-based business of scale that offers customers a single-source provider of construction materials and related downstream products in the public infrastructure, residential and nonresidential, and end markets. Summit has a strong track record of successful acquisitions since its founding and continues to pursue growth opportunities in new and existing markets. For more information about Summit Materials, please visit www.summit-materials.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains “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,” “should,” “seeks,” “intends,” “trends,” “plans,” “estimates,” “projects” or “anticipates” or similar expressions that concern our strategy, plans, expectations or intentions. These forward-looking statements are subject to risks, uncertainties and other factors that may cause our actual results, performance or achievements to be 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 our Annual Report on Form 10-K for the fiscal year ended January 1, 2022. Such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220510005124/en/

Investor Contact

Andy Larkin

VP, Investor Relations

Summit Materials, Inc.

Andy.Larkin@summit-materials.com

Media Contact

Heidi Frankosky

External Communications

Summit Materials, Inc.

Heidi.Frankosky@summit-materials.com

Source: Summit Materials, Inc.

FAQ

Who is Kekin Ghelani and what role has he been appointed to at Summit Materials?

Kekin Ghelani has been appointed as the Chief Strategy and Growth Officer at Summit Materials, bringing over 25 years of experience in strategy and corporate development.

What are the strategic objectives Ghelani will focus on at Summit Materials?

Ghelani will focus on advancing the Elevate Summit Strategy, pursuing market leadership, and driving innovation within the company.

What financial targets has Summit Materials set under Kekin Ghelani's leadership?

Summit Materials aims for an EBITDA Margin of over 30% and a Return on Invested Capital of greater than 10% under Ghelani's leadership.