Stock Building Supply is changing CEOs.
Employees of the Raleigh-based company were notified this morning via an e-mail message from the company's chairman that CEO Joe Appelmann, who has led the company since 2007, has exited the company. No reason was given for his departure.
Stock's chairman, Tim Meyer, praised Appelmann, a 22-year-veteran of the company, for leading the business "exceptionally well."
"The new CEO of Stock has been identified and will join us this week to begin his responsibilities," Meyer wrote in his e-mail. Company spokeswoman Robin Fastenau said via email that the new CEO will be announced "very shortly" but offered no other details.
"No other organizational announcements are planned at this time," Meyer wrote.
Stock, which was founded in 1922 as Carolina Builders Corp., sells windows, doors, roofing and other housing materials -- a segment that has been hit hard by the recession. It's a major player in the industry, operating in 20 markets nationwide.
The company eliminated thousands of jobs nationwide to cut costs as sales slumped but still ended up seeking bankruptcy protection last year to reduce its debt. Stock, which was in bankruptcy for less than two months, emerged with a sharper focus -- abandoning its efforts to expand beyond residential construction.
A California private equity firm, The Gores Group, owns a 51 percent stake in Stock. The company started the year with 555 employees in the Triangle, down from 1,100 at its peak.
Under Appelmann's leadership Stock made two acquisitions this year, building supply companies in Houston and Arkansas.
Meyer wrote of Appelmann: "Joe became CEO in 2007 during the heart of the housing crisis and led the company exceptionally well through its sale to Gores and a rapid restructuring."
Meyer's announcement included a comment from Appelmann, who was quoted as saying that "Stock is an exceptional place to work with a bright future. I would like to thank every associate for the courtesy and loyalty they extended to me during my tenure. My sincere hope is they will provide the same support to my successor. I cherish all of the friendships I developed over the years and look forward to maintaining those relationships in the future."