In what the company is describing as a long-planned succession move, Paul Hylbert is stepping down as the chief executive of Denver-based ProBuild Holdings. The 66-year-old executive will be replaced by Bill Myrick, 49, the current chief operating officer, who joined ProBuild in February 2007 as senior VP strategic initiatives.
Hylbert will continue to serve as senior adviser and a director on the board of ProBuild, the industry’s largest chain of lumberyards.
“We’ve been working on this transition for three and a half years,” Hylbert told Home Channel News. The announcement was timed to coincide with the company’s budgetary planning process for 2011, which is just getting underway, Hylbert added.
Although he pointedly refused to use the word “retirement,” Hylbert said he intends to spend more time away from the LBM industry. “There are things I want to do beyond working the schedule I’ve been [tied to],” he explained. Moving out of Denver is high on his list, and Hylbert said he’s been house hunting for a place “closer to the water.”
Doing consulting work or serving on company boards lies somewhere in the future, Hylbert said.
Hylbert’s long history in the lumber industry includes a 21-year stint at Wickes Lumber, nine years at the helm of PrimeSource and five years as CEO of Lanoga. After Lanoga merged into ProBuild in 2006, Hylbert was named chief operating officer. He was promoted to CEO in January 2007.
Myrick started his career in the LBM industry as a manager trainee at 84 Lumber, where he spent 25 years and rose to the position of chief operating officer before leaving 84 Lumber to join ProBuild. After being hired at ProBuild, Myrick attended a two-month program at Harvard Business School and then steadily took on more responsibilities, rising to the position of chief operating officer in June 2008.
Myrick’s career path at ProBuild was charted to end up in the CEO’s seat, according to Hylbert. “Our board meets twice a year [to discuss] succession planning,” he explained. “This is exactly what we had in mind.”
ProBuild will be eliminating the COO position, Myrick told Home Channel News. Instead, all regional presidents will report to Jim Cavanaugh, executive VP operations. The former president of Hope Lumber joined ProBuild in 2006 when the company acquired the 49-unit chain.