EULESS, TX--(Marketwired - March 24, 2017) - U.S. Concrete, Inc. (NASDAQ: USCR) ("U.S. Concrete" or "the Company") today announced that Joseph C. Tusa, Jr., Senior Vice President and Chief Financial Officer, has resigned from the Company for personal reasons effective as of July 1, 2017. The Company has retained a nationally recognized executive search firm to assist the Board of Directors in identifying and retaining a new chief financial officer.
Additionally, on February 28, 2017, the Company appointed Kevin Kohutek as Chief Accounting Officer effective as of April 1, 2017. Mr. Kohutek has been employed by the Company since 2012 and has held various executive roles. Since 2015, Mr. Kohutek has served as Regional Vice President and General Manager in the Atlantic Region and prior to that held the position of Vice President, Chief Accounting Officer and Corporate Controller.
William J. Sandbrook, the Company's President and Chief Executive Officer, stated, "I am very pleased that Kevin, a seasoned U.S. Concrete veteran with significant corporate finance and operational experience, is returning to our corporate headquarters. Kevin will work closely with both me and Jody during the transition period as we seek a highly qualified replacement and as we continue to source attractive acquisitions and execute on our strategy to generate strong shareholder returns."
Mr. Sandbrook added, "On behalf of the entire U.S. Concrete team, we'd like to thank Jody for his time with us and we wish him well in his future endeavors."
The Company also announced that the Audit Committee of the Company's board of directors has appointed Ernst & Young LLP as the Company's independent auditors effective as of March 22, 2017.
About U.S. Concrete
U.S. Concrete serves the construction industry in several major markets in the United States through its two business segments: ready-mixed concrete and aggregate products. The Company has 154 standard ready-mixed concrete plants, 16 volumetric ready-mixed concrete facilities, and 16 producing aggregates facilities. During 2016, U.S. Concrete sold approximately 8.1 million cubic yards of ready-mixed concrete and approximately 5.6 million tons of aggregates.
For more information on U.S. Concrete, visit www.us-concrete.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This press release contains various forward-looking statements and information that are based on management's belief, as well as assumptions made by and information currently available to management. These forward-looking statements speak only as of the date of this press release. The Company disclaims any obligation to update these statements and cautions you not to rely unduly on them. Forward-looking information includes, but is not limited to, statements regarding: the expansion of the business; the opportunities and results of our acquisitions; the prospects for growth in new and existing markets; encouraging nature of volume and pricing increases; the business levels of our existing markets; ready-mixed concrete backlog; ability to maintain our cost structure and monitor fixed costs; ability to maximize liquidity, manage variable costs, control capital spending and monitor working capital usage; and the adequacy of current liquidity. Although U.S. Concrete believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that those expectations will prove to have been correct. Such statements are subject to certain risks, uncertainties and assumptions, including, among other matters: general and regional economic conditions; the level of activity in the construction industry; the ability of U.S. Concrete to complete acquisitions and to effectively integrate the operations of acquired companies; development of adequate management infrastructure; departure of key personnel; access to labor; union disruption; competitive factors; government regulations; exposure to environmental and other liabilities; the cyclical and seasonal nature of U.S. Concrete's business; adverse weather conditions; the availability and pricing of raw materials; the availability of refinancing alternatives; results of litigation; and general risks related to the industry and markets in which U.S. Concrete operates. Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those expected. These risks, as well as others, are discussed in greater detail in U.S. Concrete's filings with the Securities and Exchange Commission, including U.S. Concrete's Annual Report on Form 10-K for the year ended December 31, 2016.