Louisiana-Pacific CEO Brad Southern Named 2019 North American CEO of the Year
Analysts credit Southern for the company's rebounding success
BOSTON, July 23, 2019 /PRNewswire/ -- Fastmarkets RISI, the definitive source of commodity data and insights for the forest products industry, has announced that Brad Southern, Chief Executive Officer of Louisiana-Pacific Corporation (LP), has been named the 2019 North American CEO of the Year. The award will be presented to Mr. Southern at the North American Conference on October 29, 2019 in Boston, Massachusetts.
The North American CEO of the Year is nominated by a group of independent judges, comprised of investment analysts and portfolio managers covering the North American global, pulp and paper industry.
Amongst the reasons cited for Brad Southern's win, one analyst credited him for helping the company with "capital redeployment." Another praised Southern similarly, stating that, "LP is a company on the rebound," due to Southern's dedicated leadership.
When notified of his win, Mr. Southern stated: "It's an incredible honor to be recognized by Fastmarkets RISI and the investor and analyst community, one that is highly valued by our employees across North America. Our success is driven by a high-performing team focused on transforming LP into a leading building solutions company that delivers top-tier value to our customers and shareholders."
LP has made significant progress in its business transformation efforts over the last several years by substantially growing its siding business and increasing its value-added Structural Solutions products sold by its OSB business.
In 2018, LP reported net sales of $2.8 billion, up 3% from 2017. The company reported operating income in 2018 of $526 million compared to operating income of $533 million in 2017. For 2018, LP reported net income of $395 million, or $2.73 per diluted share, compared to income of $390 million, or $2.66 per diluted share, for 2017. Adjusted EBITDA for 2018 was $660 million compared to $678 million for 2017.
In February 2019, to more accurately communicate its commitment to the needs and opportunities within a changing industry, LP repositioned itself from LP Building Products to LP Building Solutions.
"This strategic decision represents LP's continued evolution as a company and reflects our goal to be a leading building solutions company," Mr. Southern said. "LP's commitment to this evolution is reflected in the introduction this year of three new products — LP® SmartSide® Smooth Trim & Siding, LP WeatherLogic® Air & Water Barrier, and LP Elements™ Performance Fencing — as well as our investment last year in Entekra, an off-site building manufacturer."
About Brad Southern:
Brad Southern became the fifth Chief Executive Officer of Louisiana-Pacific Corporation in July 2017. As CEO, he directs LP's strategic transformation into a leading building solutions company, defining and shaping LP's brand positioning within the shelter industry, enhancing overall brand value and delivering sustainable growth and top-tier shareholder returns. He is responsible for all aspects of LP's business and operations, including governance. Prior to becoming CEO, he was Chief Operating Officer from 2016 to 2017, during which time the company reported a net sales increase of 29 percent over the previous year. From 2005 to 2015 he led LP's siding business before taking the lead for OSB operations, a position he held until he was named COO in 2016. Mr. Southern joined LP in 1999. He began his career with MacMillan Bloedel as a forester, where he held a variety of jobs in forestry, strategic planning, finance, accounting and plant management. He has a B.S. and a master's degree in Forest Resources, both from the University of Georgia.
For more information about the North American Conference, click here.
About Fastmarkets RISI
Fastmarkets is the leading price reporting, analytics and events organization for global commodities markets, including the forest products sector, as Fastmarkets RISI. Businesses working in the pulp and paper, packaging, wood products, timber, biomass, tissue, and nonwovens markets use Fastmarkets RISI data and insights to benchmark prices, settle contracts and inform their strategies worldwide. Along with objective price reporting and industry data, Fastmarkets RISI provides forecasts, analysis, conferences and consulting services to stakeholders throughout the forest products supply chain.
About Fastmarkets
Fastmarkets is the leading price reporting, analytics & events organization for the global metals, industrial minerals and forest products markets. It operates within Euromoney Institutional Investor PLC. Fastmarkets' core activity in pricing drives transactions in commodities markets around the world and is complemented by news, industry data, analysis, conferences and insight services. Fastmarkets includes brands such as Fastmarkets MB and Fastmarkets AMM (previously known as Metal Bulletin and American Metal Market, respectively), Fastmarkets RISI and Fastmarkets FOEX. Its main offices are in London, New York, Boston, Brussels, Helsinki, São Paulo, Shanghai, Beijing and Singapore. Euromoney Institutional Investor PLC is listed on the London Stock Exchange and is a member of the FTSE 250 share index. It is a leading international business-to-business information group focused primarily on the global banking, asset management and commodities sectors.
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