Beacon (BECN) Announces CFO Transition

Beacon (Nasdaq: BECN) (the "Company" or "Beacon") announced today that its Executive Vice President & Chief Financial Officer, Frank Lonegro, will be leaving the company to become the chief executive of a publicly traded company outside of the building products industry. Beacon has commenced a formal search for its next CFO. Mr. Lonegro will remain with the Company until February 1, 2024, to provide a seamless transition.

"We are thrilled for Frank to have the opportunity to lead a company and wish him continued success in this next role. Since joining us in early 2020, Frank has been a tremendous asset for Beacon and a wonderful business partner for me and the executive team. Together, we set Beacon on a new trajectory, and we are well on our way to unlocking Beacon's full potential," said Julian Francis, Beacon's President and Chief Executive Officer.

"I am proud to have been a part of Julian's executive team these last four years and know Beacon will further excel under this team's leadership. I'm excited and humbled to have the opportunity to lead a company as a chief executive and appreciate Beacon's warm wishes and support for my transition to this new role," said Frank Lonegro, Beacon's outgoing Chief Financial Officer. "Beacon is a dynamic and high-achieving Company and I'm confident its Ambition 2025 plan will continue to drive performance."

The Company today also reaffirmed its outlook for the full year 2023, which it provided on November 2, 2023, in connection with its third quarter earnings. 2023 full year Adjusted EBITDA expectations are $910M- $930M. Beacon expects to exceed Ambition 2025 revenue and shareholder return targets in 2023.

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