Internal drama at American Woodmark prompts changes in leadership
July 15, 2020 | 11:33 am CDT
WINCHESTER, Va. - American Woodmark Corp., a leading supplier of cabinetry to the new construction and remodeling industries, has announced the appointment of M. Scott Culbreth as President and Chief Executive Officer of the company.
"The moves come after an internal investigation found that R. Perry Campbell, Senior Vice President, Sales and Commercial Operations, had exhibited behavior that violated the company's policies and values. Campbell has been separated from his position. His separation was not related to American Woodmark's operational or financial performance."
The announcement did not elaborate further. We will update this article if we learn more.
M. Scott Culbreth is the company's new president and CEO.
Culbreth, who had been American Woodmark's Senior Vice President and Chief Financial Officer, succeeds S. Cary Dunston, who has retired and resigned from the board. Paul Joachimczyk, Vice President of Financial Planning and Analysis, replaces Culbreth as Vice President and CFO. Vance W. Tang, former Lead Independent Director, has been elected non-executive Chairman of the Board of Directors.
"I have been privileged to be a part of the American Woodmark family for 14 years, the last five as CEO, and it has been one of the most rewarding experiences of my life," said Dunston. "I'm incredibly proud of our accomplishments, but recent developments in both my personal and professional life have prompted me to think about the future; about the next generation of leadership to take the helm of this amazing company."
"On behalf of the board of directors, Cary has our immense gratitude for his years of outstanding service to the company, and we wish him well with his new chapter," said Tang, who joined the Board in 2009 and formerly served as President/CEO of KONE, Inc. and currently serves on the Board of Comfort Systems USA, Inc.
Prior to joining American Woodmark, Culbreth served as CFO for Piedmont Hardware Brands. He has also worked for Shell Oil Company, Robert Bosch Corporation and Newell Brands in a wide range of financial roles with increasing responsibility. Culbreth received a bachelor's degree in finance from Virginia Tech and an MBA from Washington University in St. Louis.
"I am both honored and humbled by the confidence of the board to choose me as the next leader of American Woodmark," said Culbreth. "Our company has a strong corporate culture and talented and dedicated employees. We will continue to execute the strategy that the board, Cary and the leadership team developed, which I believe will drive continued growth and opportunity for the company. I am also pleased that Paul Joachimczyk will become our new CFO. He is well-prepared to lead our financial organization."
Before joining American Woodmark, Joachimczyk served as Vice President of Finance and Corporate Controller at TopBuild Corporation. He has held a number of financial leadership positions with Stanley Black & Decker and General Electric, and he started his career with Ernst and Young, LLP.
American Woodmark is one of North America's largest cabinetmakers and the eighth-largest company on the FDMC 300. The company saw sales of $1.645 billion is based in 2019. Its divisions include Timberlake, Shenandoah Cabinetry and Potomac. American Woodmark employs more than 3,700 workers across nine U.S. manufacturing plants.
The company saw another share of drama back in April, when more than 1,775 people signed an online petition to Maryland Governor Larry Hogan requesting that American Woodmark close its cabinet manufacturing plant in Allegany, Maryland. Most of the signatories were employees.
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