Beacon issues statement in response to QXO director nominations

Beacon (BECN) announced that its board of directors has received notice from QXO (QXO) that QXO has nominated ten individuals to stand for election to Beacon’s board at the company’s 2025 annual meeting. Beacon’s Board issued the following statement in response: “Beacon’s Board consists of ten highly qualified directors – nine of whom are independent – who have been critical in overseeing the Company’s successful execution of its Ambition 2025 plan, which generated total shareholder returns of more than 200% during the past five years and delivered above market growth and superior financial and operational results, including 11 straight quarters of record net sales. Each of our Board members brings the skills, knowledge, experience and tenure necessary to guide the Company’s strategic and operational direction, as well as a firm and demonstrated commitment to acting in the best interests of Beacon and all of its shareholders. Their expertise spans an array of industries relevant to Beacon’s continued success, including industrial manufacturing, national and international distribution, supply chain, information technology, logistics, e-commerce, strategy, marketing, brand management, cybersecurity and finance. QXO’s director nominations appear to be an attempt to pressure Beacon’s Board into accepting an unchanged offer price that significantly undervalues Beacon’s prospects for growth and value creation, which the Board previously rejected. The Board remains open to considering all opportunities to maximize shareholder value, and Beacon looks forward to sharing more on its future growth plans and 2028 long-term financial targets at its upcoming Investor Day on March 13, 2025. Beacon’s Board will evaluate QXO’s director nomination notice and present its recommendations with respect to director nominations in the Company’s proxy statement, which will be filed with the Securities and Exchange Commission ahead of the Company’s 2025 Annual Meeting. Beacon shareholders do not need to take any action at this time.”