NEW ENTERPRISE, Pa.–(BUSINESS WIRE)–New Enterprise Stone & Lime Co., Inc. (the “Company”), a leading privately held, vertically integrated construction materials supplier, announced today the planned May 31, 2020 retirement of Al Stone, the Company’s Chief Financial Officer. The Company is conducting a formal search for his replacement, that includes internal and external candidates. While the search is undertaken, the roll of interim CFO will be shared by Mr. Paul Detwiler, III and several members of the Company’s experienced accounting and finance staff, led by Daryl Black, the Company’s Chief Accounting Officer, who has been with the Company for 9 years.
Paul Detwiler, III, President and Chief Executive Officer, said, “Al has played an essential role in the enterprise-wide transformation that has enabled NESL to deliver outstanding financial performance to our stakeholders. Under Al’s leadership, NESL has significantly improved productivity throughout our organization that we believe positions us for continued success in a highly dynamic external environment. I know Al has been looking forward to his retirement, and we wish him well.”
Mr. Stone joined NESL in 2013. Prior to NESL, Mr. Stone had a long and distinguished career as a Financial Executive with a variety of firms in the materials and construction industry.
“I am deeply appreciative to Paul and the entire NESL team for their support over the past seven years,” commented Mr. Stone. “Together, we improved operating income by over $100 million while reducing debt. Equally important, we realigned our focus by selling non-core businesses such as our safety services and masonry block operations and concentrated the business on its core aggregate operations. Together, these steps should place NESL on solid footing to continue to generate stable, consistent results over the long term.”
About New Enterprise Stone & Lime Co., Inc.
New Enterprise Stone & Lime Co., Inc. is a leading privately held, vertically integrated construction materials supplier and heavy/highway construction contractor in Pennsylvania and western New York. Our core businesses include: (i) construction materials (aggregate production (crushed stone and construction sand and gravel), hot mix asphalt production and ready mixed concrete production) and (ii) heavy/highway construction (heavy construction, hot-mix asphalt paving and other site preparation services).
Joe Hassett, SVP
At the Company:
Paul I. Detwiler, III
President and Chief Executive Officer