Summit Materials Announces CEO Succession Plan

Summit Materials, Inc. (NYSE: SUM, “Summit” or the “Company”), a leading vertically integrated construction materials company, today announced that Thomas W. Hill plans to step down from his role as President and Chief Executive Officer and as a member of the Board effective September 1, 2020. At that time, Anne Noonan will be appointed President and Chief Executive Officer and as a member of the Board. Mr. Hill will serve as a Senior Advisor through the end of the year. Commencing on January 1, 2021, Mr. Hill will transition into a consulting role through July 2023.

“When I founded Summit in 2009, I could not have imagined the growth and success the Company would achieve over the following 11 years, and it has been an honor to serve as CEO throughout this remarkable period,” said Mr. Hill. “Serving this Company alongside all of our talented team members has been the greatest privilege and the highlight of my professional career, and I am extremely proud of all that we have accomplished. I believe that now is the right time for the Company to transition to its next leader and I have great confidence in Anne, the strength of our team and the opportunities ahead. I look forward to working closely with Anne over the next few months, and for Summit’s continued success for many years to come.”

“On behalf of the entire Board, I would like to thank Tom for his visionary leadership, commitment and contributions to the Company since its inception,” said Howard L. Lance, Chairman of the Board. “Under his guidance and stewardship, Summit transformed from a small, private construction company into a public company with annual net revenues of $2 billion. We wish Tom all the best in his next chapter.”

Mr. Lance continued, “As Summit moves into its next phase of growth, we could not be more excited about appointing a CEO of Anne Noonan’s caliber to lead us forward. Anne brings with her to Summit proven leadership credentials and a strong track record. We are confident in Anne’s ability to take Summit to new heights and look forward to welcoming her to the team.”

Ms. Noonan commented, “Under Tom’s leadership, Summit has delivered outstanding operating results and is well positioned for future success. I am honored to be appointed CEO of Summit and look forward to working alongside Tom, the Board and the leadership team to create value for our stakeholders.”

Second Quarter 2020 Financial Results

In a separate press release issued today, Summit Materials announced financial results for its second quarter, which ended on June 27, 2020. The Company will host a conference call tomorrow, July 22, 2020, at 9:00 AM mountain time to discuss its financial results.