U.S. Concrete, Inc. (NASDAQ: USCR) (the "Company") announced today that Mr. Eugene I. Davis, Chairman of the Company's Board of Directors (the "Board"), has decided to not stand for reelection at the Company's 2018 annual meeting of stockholders (the "2018 Meeting"). The Company also announced that the Board has named Mr. William J. Sandbrook, President and Chief Executive Officer of the Company, as Vice Chairman of the Board and that the Board intends to name him Chairman following the 2018 Meeting. The Company has entered into a consulting agreement with Mr. Davis so as to assist Mr. Sandbrook in his anticipated transition from Vice Chairman to Chairman. In addition, Mr. Michael D. Lundin has been named to the newly created position of Lead Independent Director of the Board.
Mr. Davis stated, "It has been my distinct pleasure to serve as the Chairman of the Board. While I have determined not to stand for reelection to pursue other opportunities, I would be remiss if I did not convey how proud I am to have been a part of U.S. Concrete's tremendous growth and success over the past seven years. However, like the rest of my fellow directors, I am very excited about Bill's promotion to Vice Chairman and, in time, Chairman, in recognition of the significant value creation that has been achieved under his strategic vision and dedicated leadership."