U.S. Concrete, Inc. (NASDAQ: USCR), today announced that William J. Sandbrook has notified the Company's Board of Directors of his decision to retire as Chief Executive Officer effective April 3, 2020. Mr. Sandbrook will continue to serve as the Company's Chairman of the Board until the Company's annual meeting of stockholders in May 2020. Mr. Sandbrook will stand for reelection as a director at the annual meeting. To ensure an orderly transition of his duties, Mr. Sandbrook will provide consulting services to the Company pursuant to a one-year consulting agreement, which may be extended by mutual agreement. The Company also announced that Ronnie Pruitt, the Company's President and Chief Operating Officer, has been named Chief Executive Officer and President effective as of April 3, 2020.
"After 17 years in the military and 28 years in the heavy construction materials industry and in conjunction with a robust succession plan, I believe it is an opportune time for me to turn over the CEO duties to Ronnie," said U.S. Concrete Chairman and CEO, William J. Sandbrook. "Ronnie is well prepared to lead the Company into our next phase of growth through his many years of industry experience. I am committed to working with him and the Company as a strategic advisor and Board member to ensure a smooth transition and continuation of our enhanced vertical integration strategy. I want to thank the Board of Directors for their tremendous support, insight and encouragement over the past nine years. Together with a fantastic group of leaders and employees, we have dramatically transformed the Company in the eyes of our customers, industry peers, and the investor community at large. I am humbled to have been part of this journey."
Mr. Sandbrook joined U.S. Concrete in August 2011 as President and Chief Executive Officer. He has served as a member of the Board of Directors since he joined the Company and served as the Company's Chairman since May 2018.
U.S. Concrete's Lead Director Michael D. Lundin stated, "On behalf of the Board of Directors, I want to thank Bill for his significant contributions to and leadership of U.S. Concrete for the last nine years. Under his leadership, the Company evolved from a predominantly ready-mixed focused company with limited geographic footprint to a much larger company with a focus on aggregates and vertically integrated ready-mixed operations with meaningful footprints in major metropolitan areas in the United States and a large aggregates quarry in Canada servicing our West Coast operations. The Company's culture is strong and reflects Bill's pursuit of excellence and passion for the business. Bill has developed an outstanding senior leadership team to support the Company and Ronnie in his new role as Chief Executive Officer and we are excited about the future of the Company going forward."
Mr. Pruitt stated, "I want to express my gratitude to Bill who is responsible for bringing me to U.S. Concrete as well as preparing me to lead this Company during our next phase of growth and improvement. I also want to thank the hard-working men and women of U.S. Concrete for believing in the Company and working hard to deliver, manufacture, and provide quality construction materials. I am passionate about this Company, the strength of our existing assets and our ability to serve the markets we are currently in, as well as those we plan to grow in the future. I truly look forward to this opportunity and will always appreciate the foundation that Bill built."