BIRMINGHAM, Ala., Dec. 11, 2015 /PRNewswire/ -- Vulcan Materials
Company (NYSE: VMC) announced today that Donald M. James will retire as the Company's
Non-Executive Chairman and from the Board of Directors, effective
December 31, 2015. J.
Thomas Hill, Vulcan's President and
Chief Executive Officer, will succeed Mr. James as Chairman.
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James T. Prokopanko, Vulcan's
Lead Director, said: "Don has led Vulcan Materials as the largest
aggregates supplier in the U.S. for 18 years, significantly
expanding its operations throughout the nation. During that
time, he has guided Vulcan through periods of strong growth as well
as difficult market downturns, always with a keen eye on customer
service, creating opportunities for employees and building
sustainable, long term value for shareholders. In particular,
the actions taken by Don and the management team in recent years to
increase operational efficiency, de-risk the balance sheet and
maintain disciplined growth have positioned Vulcan to deliver
increasingly stronger returns. On behalf of the board, I
thank Don for his invaluable service to Vulcan and wish him all the
best in his future endeavors."
Don James said: "With the
building materials market continuing to expand, the enactment of a
new multi-year federal highway program and the Company performing
exceptionally well, now is the right time to complete the
succession process we began a number of years ago that resulted in
Tom Hill becoming CEO in 2014. Our management team, under the
leadership of Tom, along with the executive leadership team of
John McPherson, Stan Bass and Michael
Mills, is executing skillfully on the Company's strategic
plan and delivering strong growth and increased profitability.
"Tom Hill is an experienced,
proven and talented leader, with a deep understanding of Vulcan and
our industry. I am confident that he and his Vulcan
colleagues will continue to lead Vulcan to even greater growth and
value for our shareholders. I want to thank the board for
their insights and counsel over the years; our shareholders for
their feedback, support, and commitment to the Company; and our
employees for their dedication, hard work and focus. I have
always believed that Vulcan has the most talented people in the
industry. I know that I am leaving Vulcan in highly capable
hands."
CEO Tom Hill said, "Vulcan is a
great business with strategic market positions in the largest,
fastest growing metropolitan areas across the country, extensive
and unmatched aggregates reserves, and a strong financial
position. I look forward to continuing to work with the board
and the Vulcan leadership team to deliver on the Company's
strategic goals and to continue to enhance its strong strategic
position for the benefit of the Company and its shareholders.
Under Don's leadership, Vulcan has seen remarkable growth in these
strategically important markets and is well positioned for strong
performance in the future. On behalf of all of our employees,
I thank Don for his outstanding contributions to Vulcan and the
aggregates industry, and for his wise counsel and friendship."
Mr. James (66) served as President of Vulcan Materials Company
from 1996 to 1997 and as Chief Executive Officer from 1997 to
2014. He has served on the Company's Board of Directors since
1996, was named Chairman in 1997, and Non-Executive Chairman in
January 2015.
Tom Hill has been with Vulcan for
over 25 years, serving in a variety of operations and general
management assignments of increasing responsibility leading up to
his appointment as President and Chief Executive Officer in July
2014. He is a graduate of the University
of Pittsburgh and the Wharton School of Business, Executive
Management Program.
Vulcan Materials Company, a member of the S&P 500 Index, is
the nation's largest producer of construction aggregates, and a
major producer of other construction materials. For additional
information see www.vulcanmaterials.com.
FORWARD-LOOKING STATEMENT DISCLAIMER
This press
release contains forward-looking statements within the meaning of
Section 27A of the Securities Act and Section 21E of the
Securities Exchange Act of 1934, as amended, that relate to our
plans, objectives, estimates and goals. Statements expressing
expectations regarding our future and projections relating to
sales, revenues and earnings are typical of such statements and are
made under the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are sometimes identified by the
use of terms and phrases such as "believe," "should," "would,"
"expect," "project," "estimate," "anticipate," "intend," "plan,"
"will," "can," "may" or similar expressions elsewhere in this
document. These statements are subject to numerous risks,
uncertainties, and assumptions, including but not limited to
general business conditions, competitive factors, pricing, energy
costs, and other risks and uncertainties discussed in the reports
Vulcan periodically files with the SEC.
Forward-looking statements are not guarantees of future
performance and actual results, developments, and business
decisions may vary significantly from those expressed in or implied
by the forward-looking statements. The following risks related to
Vulcan's business, among others, could cause actual results to
differ materially from those described in the forward-looking
statements: those associated with general economic and business
conditions; the timing and amount of federal, state and local
funding for infrastructure; changes in Vulcan's effective tax rate
that can adversely impact results; the increasing reliance on
information technology infrastructure for Vulcan's ticketing,
procurement, financial statements and other processes could
adversely affect operations in the event such infrastructure does
not work as intended or experiences technical difficulties or is
subjected to cyber attacks; the impact of the state of the global
economy on Vulcan's businesses and financial condition and access
to capital markets; changes in the level of spending for private
residential and private nonresidential construction; the highly
competitive nature of the construction materials industry; the
impact of future regulatory or legislative actions; the outcome of
pending legal proceedings; pricing of Vulcan's products; weather
and other natural phenomena; energy costs; costs of
hydrocarbon-based raw materials; healthcare costs; the amount of
long-term debt and interest expense incurred by Vulcan; changes in
interest rates; the impact of Vulcan's below investment grade debt
rating on Vulcan's cost of capital; volatility in pension plan
asset values and liabilities which may require cash contributions
to the pension plans; the impact of environmental clean-up costs
and other liabilities relating to previously divested businesses;
Vulcan's ability to secure and permit aggregates reserves in
strategically located areas; Vulcan's ability to successfully
implement our new divisional structure and changes in our
management team; Vulcan's ability to manage and successfully
integrate acquisitions; the potential of goodwill or long-lived
asset impairment; the potential impact of future legislation or
regulations relating to climate change or greenhouse gas emissions
or the definition of minerals; and other assumptions, risks and
uncertainties detailed from time to time in the reports filed by
Vulcan with the SEC. All forward-looking statements in this
communication are qualified in their entirety by this cautionary
statement. Vulcan disclaims and does not undertake any
obligation to update or revise any forward-looking statement in
this document except as required by law.
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SOURCE Vulcan Materials Company