White Cap has announced the retirement of its CEO and the succession plan for its next leader.
According to the company:
White Cap, a distributor of specialty construction supplies and safety products for professional contractors, announced that John Stegeman has made the decision to retire from his position as CEO of White Cap effective Jan. 28, 2024. Concurrently, as part of the multiyear succession plan, the White Cap board of directors has approved the promotion of Alan Sollenberger, president of White Cap, to CEO effective Jan. 29, 2024.
Stegeman will continue to serve on White Cap's board of directors, and Sollenberger will join White Cap's board of directors on Jan. 29.
Stegeman and Sollenberger have partnered closely on all White Cap company strategy and business decisions following Sollenberger's appointments to chief financial officer of White Cap in 2010 and president in 2020. During their partnership, White Cap has grown from a multi-regional distributor with less than $1 billion in revenue to the North American industry leader with more than $6 billion in revenue.
"The board is thrilled to appoint Alan to succeed John as White Cap's CEO. Alan is a highly experienced executive in the construction supply distributor and industrials industry, and knows firsthand what is needed to continue growing the company and enhancing its ability to best serve customers, suppliers and employees," said Nate Sleeper, board director at White Cap and CEO of CD&R. "On behalf of the board, I would like to recognize John for his valuable contributions to White Cap over the past 14 years. John's steadfast leadership has been crucial to building White Cap into an industry leader and positioning the company for its next phase of growth."
"We have every confidence that Alan's experience as a seasoned executive in the industry and leading critical operational aspects of the business will serve White Cap well," said Phil Knisely, chair of White Cap's board of directors and operating partner at CD&R. "Thanks to John's vision for the future and his commitment to serving others, White Cap is now known for both an incredible story of growth and for a culture built on creating opportunities for its associates and giving back to its communities. The board is both confident in and looking forward to Alan building upon John's legacy of success as informed by their years of partnership together."
During Stegeman's tenure, White Cap achieved the transition to an independent, privately-owned company in 2020; the publication of its inaugural Sustainability Report; more than a decade of fundraising for its nonprofit partner St. Jude Children's Research Hospital; recognition as a top workplace by the Atlanta Journal-Constitution and FORTUNE Magazine; and the establishment of an innovative approach to learning and development through its Career Development and Accelerated Sales Programs.
"The last 14 years spent serving our associates and customers at White Cap has been the highlight of my professional career," said Stegeman, CEO of White Cap. "Working alongside Alan and our incredible leadership team to build an organization that brought together more than 9,500 knowledgeable associates across more than 450 locations in the U.S. and Canada in service to our customers, is more than I could have imagined when this journey first began. I have the utmost confidence in White Cap's bright future under Alan's leadership as he builds upon our shared vision. I look forward to supporting that future through my continued role on our board of directors."
"It is an honor to have the opportunity to build upon John's legacy as CEO of White Cap and a great privilege to continue to serve our associates and customers," said Alan Sollenberger, president of White Cap. "After 14 years of close partnership with John, I am confident in our team's ability to leverage the strong foundation we have built to continue executing on our organic and inorganic growth initiatives. I have watched this company grow into what it is today thanks to the strength and knowledge of our field and functional teams. It is because of our associates that I know our incredible focus on serving our customers, our communities and each other will continue."
Sollenberger has a combined 17 years' experience at The Home Depot, HD Supply and White Cap. Sollenberger served as chief financial officer, chief administrative officer and chief operating officer of White Cap before taking on his role as president where he oversees all sales, operations, IT and strategy development. During his time at The Home Depot and HD Supply, Sollenberger held leadership roles across operational effectiveness, sales management, category management, pricing and strategic development, including time on the M&A team, where he focused on growing the White Cap business through acquisition.
As part of the transition, Page Naftel, chief sales officer of White Cap, has been promoted to chief commercial officer (CCO) of White Cap, reporting to Sollenberger. All U.S. Regional vice presidents and the Canadian business unit president will now report to the CCO.
