Summit Materials Names Tom Beck as Executive Vice President and Appoints David Loomes as Continental Cement Company President

Rhea-AI Summary

Summit Materials (NYSE: SUM) announced key executive changes effective March 1, 2022. Tom Beck will step into the role of Executive Vice President, while David Loomes becomes President of Continental Cement Company. Beck brings 25 years of experience, including 9 years as President of Continental. Loomes, with over 20 years in the industry, previously served as Senior Vice President at Continental. CEO Anne Noonan emphasized the importance of succession planning for long-term success and highlighted the leadership's commitment to growth and sustainability.

Positive

• Tom Beck's promotion to EVP is expected to enhance growth and value creation in the cement business.
• David Loomes brings over 20 years of industry experience, potentially strengthening company leadership.
• The management transition is seen as a proactive step for long-term success and sustainability initiatives.

Negative

• None.

DENVER--(BUSINESS WIRE)-- Summit Materials, Inc. (NYSE: SUM, “Summit,” or the “Company”), a leading vertically integrated construction materials company, today announced two executive changes that are effective March 1, 2022. Tom Beck will become Executive Vice President, Summit Materials and David Loomes will assume the role of Continental Cement Company President and Senior Vice President of Summit Materials as part of the Company’s planned and pro-active leadership succession. Beck is transitioning into the EVP role following 25 years of distinguished service at Continental Cement Company, LLC (“Continental” or “CCC”), including the last 9 as President. Loomes has 20+ years of industry experience and was most recently CCC’s Senior Vice President of Sales and Supply Chain.

Tom Beck will become Executive Vice President, Summit Materials, effective March 1, 2022. (Photo: Business Wire)

CEO of Summit Materials, Anne Noonan, commented, “Tom’s leadership, industry experience, and commitment to his community have been central to Continental’s and Summit’s success. In his transition to EVP, he will be maximizing growth and value creation in the cement business, advancing industry partnerships and leveraging other professional associations to advance our Elevate Summit Strategy.”

“I could not be more excited for David, as he assumes his new role as Continental Cement Company President,” said Tom Beck. “As I have gotten to know David, he has impressed me with his dedication to safety, our employees, customers, and community. I am thrilled to take on a new role with Summit, supporting our industry partnerships and the Elevate Summit strategy.”

"At Summit Materials, our people are central to the Company’s success,” Anne Noonan continued. “David, with his wealth of experience in the cement industry, shares our vision to be the most socially responsible, integrated construction materials solution provider and will help build strong collaboration to drive growth for our customers. The Senior Leadership Team, the Board, and I are thrilled that David has accepted this role.”

“Our Board and management team believe that thoughtful and pro-active succession planning across all leadership positions is crucial to Summit’s long-term success,” Anne mentioned. “David’s appointment is just one example of that belief.”

In his role as President, David Loomes will develop and drive integrated programs to support the company’s business plans and growth objectives. Since joining CCC, he focused on improving the company’s supply chain and commercial performance. David also successfully led Summit’s Commercial Excellence for the Cement business. He has a proven track record in improving safety, employee engagement and delivering exceptional results. Throughout his career David has served on the Board of Directors of numerous industry associations and currently serves on the Inland Waterways Users Board.

“This is a very exciting time for Summit Materials and Continental Cement Company. We have a clear and focused vision; strategy; commitment to our markets, and strong values of Safety, Integrity, Sustainability and Inclusivity that will drive growth and improved performance. We are also committed to pioneering long-term sustainability practices, including implementing the sale of Portland Limestone Cement (PLC) at all Continental locations. It has been incredible working with Tom and the Continental leadership team,” continued David. “I’m looking forward to supporting the hard-working employees and customers at the center of this important work, as well as the Hannibal and Davenport communities as we continue to grow Continental Cement and provide the infrastructure that our communities and economies need to build a better tomorrow.”

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/20220228005144/en/

Investor Contact

Karli Anderson

EVP, Chief ESG Officer and Head of Investor Relations

Summit Materials, Inc.

Karli.Anderson@summit-materials.com

303-875-3886

Media Contact

Deb Coffman

Manager, External Communications

Summit Materials, Inc.

Deb.Coffman@summit-materials.com

Source: Summit Materials, Inc.

FAQ

What are the executive changes at Summit Materials announced on March 1, 2022?

Tom Beck has been promoted to Executive Vice President, and David Loomes will become President of Continental Cement Company.

What is Tom Beck's background before becoming EVP at Summit Materials?

Tom Beck has 25 years of service, including 9 years as President of Continental Cement Company.

How does David Loomes's experience benefit Summit Materials?

David Loomes has over 20 years of industry experience and has previously improved supply chain and commercial performance.

Why is succession planning important for Summit Materials?

Succession planning is crucial for ensuring long-term success and stability within the company's leadership.

What does the leadership change mean for Summit Materials's strategy?

The changes are intended to bolster growth, advance industry partnerships, and support sustainability initiatives.