Eagle Materials has announced that Michael Haack, president and chief operating officer (COO) will succeed Dave Powers as the company’s new chief executive officer (CEO) from 1 July. The company confirmed that Powers will remain on its board of directors.
The move is part of a multi-year succession plan and a set of transition preparedness steps undertaken by the board over the last four years.
Haack joined Eagle as COO in 2014 from Halliburton Energy Services, where he worked for 17 years in operating positions such as management of global operations for Sperry Drilling, a $3.5 billion division with 8,000 employees globally. In 2018, he was named president and COO in recognition of his increasing responsibilities and accomplishments in leading the operating organisation.
Powers has worked for in the building materials industry for 40 years. He joined Eagle Materials in 2002 and in 2005 was promoted to executive vice president Gypsum. He became president and CEO of Eagle Materials in 2016.
Rick Stewart, chairman of the board at Eagle Materials, says: “Michael has been instrumental in building upon the company’s enviable low-cost positions and sustainable advantages, particularly as they relate to the scale of operations that Eagle represents today. We are also enormously grateful for the innumerable contributions Dave has made to the company during his tenure and are delighted we will be able to retain the benefit of his perspectives as a Board member.”
Powers says: “I have every confidence the Board is making the right decision in promoting Michael into this role, a role that he is well prepared to undertake in conjunction with the truly extraordinary team in place at Eagle.”
Haack says: “I look forward to continuing the company’s well-established strategy and leading Eagle to even greater levels of performance. Our focus on serving and delighting our constituents, including our customers, employees and investors, will remain unrelenting. One of Eagle’s greatest strengths is the caliber of the team at Eagle, and I look forward to working with the team in writing our next chapter of accomplishment.”