Beacon Roofing Supply looks to be in for a potentially extended transition at the top depending on who it picks to lead the firm after President and CEO Paul Isabella departs. The nation's second-biggest roofing specialty dealer announced late in February that Isabella will leave later this fiscal year, which ends on Sept. 30.
"Isabella will remain president and CEO, and a director, during the company’s nationwide search for his successor and will remain with Beacon through the transition of his duties until his departure, after which he will remain an advisor to the Company," the company said in a news release. One obvious candidate is Eric Swank, a 15-year company veteran who was promoted to chief operating officer on Jan. 2.
Regardless of who is picked, Isabella will remain a fulltime employee at Beacon for 60 days after the successor comes on board and then will serve as a consultant. A Feb. 26 SEC filing revealed that Isabella will be paid an exclusive consulting retainer of $58,000 a month for 24 months after his final separation date.
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