Oklahoma City, OK – Cedar Creek, a leading building material wholesaler, announced today that its board of directors has appointed Alex Averitt to succeed D. Wayne Trousdale as the President and CEO of the company, effective September 15, 2017. Additionally, Mr. Averitt has also been appointed to the board of directors.
The promotion of Mr. Averitt, who has served as the Chief Operating Officer since 2015, is part of the company’s succession planning process. Mr. Trousdale, a founding partner of the company who has served as the CEO since 2015, will be promoted to the role of Executive Chairman of the board of directors. Bill Adams is retiring from the nonexecutive chairman position and will continue to serve on the company’s board.
Mr. Averitt joined Cedar Creek in 2005 as a sales manager and has fulfilled various roles for the company. Immediately before serving as COO, he was the Vice President of IT. Prior to working for Cedar Creek, Alex gained experience as a general manager of both distribution and manufacturing operations for JELD-WEN Inc.
This planned succession will enable Mr. Trousdale to fully transition operational responsibility to Mr. Averitt so that he can focus his daily efforts on strengthening and spreading Cedar Creek’s unique customer-centric culture throughout the company. Mr. Trousdale remarked: “We have expanded in the last few years from a regional firm with six locations to a national organization with over 30 locations. Promoting Alex to CEO with full responsibility to manage the company will give me the time to travel around the country meeting with customers, suppliers, and employees to make sure that our entire organization reflects the values that have made Cedar Creek so successful.”
Mr. Trousdale also commented: “Alex has proven himself as a leader and this organizational change adds the executive resources we need to continue our growth.” Over the coming weeks, the two will work to ensure a seamless transition. Mr. Averitt stated, “I’m looking forward to the challenge of the new role and continuing the legacy of serving our customers and employees.”
Cedar Creek is a building material distribution company with 31 locations servicing 32 states. In May 2010, Cedar Creek, which then had eight locations, was recapitalized by Boston-based Charlesbank Capital Partners, with the goal of providing flexible capital for the company to grow beyond its existing trade areas.