Headquartered in Dallas, Texas, Builders FirstSource is one of the nation’s largest suppliers of building supplies and services, providing an end-to-end solution for home builders and remodelers. 3 years ago, it featured on Forbes Fortune 500 for the first time and has been steadily climbing the ranks ever since. Its recent success can be credited (at least in part) to the man at the helm of its operations, Chad Crow. An 18-year veteran of Builders FirstSource, Crow took on the CEO position in January 2018 and has overseen a steady incline in the company’s fortunes. To find out more about the respected leader, keep reading.
1. He began his career at Price Waterhouse
After graduating from Texas Tech University, Crow began his career at Price Waterhouse, the multinational professional services network. After four years at the company, Crow decided the time was ripe to explore new territory, subsequently taking on a position at Pier One Imports, a Fort Worth-based retailer specializing in imported home furnishings. After enjoying roles of ever-increasing seniority, Crow’s final position at the company was as Director of Accounting.
2. He joined Builders FirstSource in 1999
After leaving his position as Director of Accounting at Pier One Imports, Crow was snapped up by Builders FirstSource. His first position after joining the company in September 1999 was as Assistant Controller. From there, he gradually climbed the ladder, taking in the positions of Vice President of Finance and Controller, Senior Vice President from November 2009 to November 6, 2014, Principal Accounting Officer from February 24, 2012 to September 2015, Chief Financial Officer from November 2009 to November 14, 2016, Chief Operating Officer from November 6, 2014 until January 1, 2018, President and CEO since November 6, 2014 and January 1, 2018 respectively, and Director since October 31, 2017.
3. He’s working in partnership with Warriors Heart
Following the aftermath of Hurricane Harvey, Crow proved his philanthropic credentials by contributing a hefty donation to the work of The Warrior Heart, a charity that seeks to help those affected by severe weather or naturally occurring disasters. The relationship between The Warrior Heart and the Builders FirstSource CEO began when Crow joined StormWarriorsTV, the team behind The Warriors Heart, in a journey around Oklahoma to witness firsthand the devastation wrought by the storm. Further to his experience, Crow contributed the money needed to equip the team with a new trailer, furnished with all the necessary supplies to provide aid to the residents of Tornado Alley.
4. He’s drawing a 7-figure salary
According to Bloomberg, Crow is very well compensated for his efforts at Builders FirstSource, earning a total compensation of $4,921,797 (as of the 2018 fiscal year, at least). Of that $4,921,797, $939,904 was received as salary, $3,048,839 was received in restricted stock awards, $4,125 was received in all other compensation, $211,611 was received in exercisable options, and $85,500 was received in unexercisable options.
5. His focus is on operational excellence
Crow’s strategy for instigating growth is to focus on improving operational excellence- something he’s achieved by introducing such initiatives as a delivery optimization scheme and an interactive customer portal that allows customers to view statements, orders, and make online payments. “We are seeing a positive impact from our operational excellence initiatives, which is in part fine-tuning the business, as well as from investments in our component manufacturing capabilities and our sales force,” Crow explained to HBSDealer.
6. He believes in an ethical approach
Unlike most companies that put business before ethics, Crow believes in taking a principled stance at Builders FirstSource, especially when it comes to one of the most pressing concerns of the industry (and, indeed, the wider community): affordable housing. In an interview with HBSDealer, he made his feelings on the subject clear: “I believe we have a responsibility to help lead the industry forward when it comes to innovation and doing our part to provide quality, and affordable, housing to homebuyers in the markets we serve”.
7. He’s on the Board of Directors for HomeAid America
In addition to his philanthropic endeavors with The Warrior Heart, Crow is also intent on applying his generosity to the needs of the homeless. In 2017, HomeAid America (a leading provider of housing for the homeless), appointed Crow to their Board of Directors. ”I am honored to serve on the Board and help further a cause that is so important,” Crow said of the appointment. In addition to Crow’s personal contributions to the charity, Builders FirstSource has made several significant donations of its own and was one of the major benefactors of the foundation’s Village of Hope project, which provides housing to survivors of domestic violence.
8. He heads up a stellar team
As all good leaders know, the key to success is building the right team around you- something Crow has certainly achieved at Builders FirstSource. Serving under him is a team of 12 executives, all working in collaboration to secure the prosperity of the company. Some of the most notable names on the team include Dave Rush in the position of COO East, Scott Robins as COO West, Tom Adams as Senior Vice President of Operations in Region 1, Wayne Canada as SVP of Operations in Region 2, and Todd Vance as SVP of Region 3.
9. He succeeded Floyd Sherman to CEO
Crow’s ascension to the position of CEO was announced in August 2017. The following January, the handover between the outgoing CEO, Floyd Sherman, and his successor was completed. In his comments about the transition, Sherman was keen to express his confidence in Crow’s ability to lead the company, commenting: “I am confident in Chad Crow’s leadership, and know I am leaving the Company in very capable hands. His extensive industry experience, knowledge of our operations, and respect for our people will be invaluable assets as the Company implements its growth strategy in the coming years.”
10. He’s worth $17.7 million dollars
We know that Crow is drawing a hefty salary, but his net worth is even more staggering than his yearly compensation. According to Wallmine, Crow is worth at least $17.7 million as of May 2019, a figure that has much to do with his aptitude for the stock market (in May of this year alone, he pulled in $1,961,279 after trading 123,740 units of BLDR stock).
Written by Liz Flynn
Read more posts by Liz Flynn