CEO of a major Charlotte company departs suddenly and unexpectedly

The CEO of Charlotte-based door maker Jeld-Wen left the company unexpectedly this week.

The company did not provide details about Mark Beck’s departure, only that it was a “mutual agreement,” according to a securities filing Wednesday. A spokesman declined to provide additional information.

Beck’s sudden departure could be related to the financial performance of the company, which has been on an acquisition tear in recent years. Last week, Jeld-Wen reported a loss of nearly $94 million for the fourth quarter. In its filing announcing Beck’s departure, Jeld-Wen also announced its plans to buy American Building Supply, a California company that makes doors, frames and hardware.

Jeld-Wen said its former chairman and CEO, Kirk Hachigian, has assumed the role of interim CEO.

The company’s board is paying Hachigian a bi-weekly consulting fee of $76,923 for his services. Hachigian also received 314,267 restricted stock units this week that will vest in one year based on the amount of time Hachigian serves as CEO, the company said.

Jeld-Wen closed down 2 percent Wednesday at $31.18.

Jeld-Wen, which went public last January, in 2016 paid Beck over $870,000 in relocation expenses for his move to Charlotte, which included commission on the sale of his house ($304,000) and the loss ($500,000) he took on the sale of his house in Maryland.

Also in 2016, the company announced plans to build a new corporate campus in southwest Charlotte and add 200 jobs as it expands its headquarters – thanks in part to $2.4 million worth of state job incentives grants.

“We appreciate Mark’s contributions to the company during his tenure,” Hachigian said. “Jeld-Wen remains committed to delivering long-term value to our shareholders through solid execution on all aspects of our operating model, including operational excellence, profitable organic growth, and strategic M&A.”

Previously headquartered in Oregon before its 2015 move to Charlotte, Jeld-Wen has a total global workforce of about 20,000, including 400 in North Carolina. After rising 71.2 percent last year, the door maker’s shares were among the best performing among publicly traded companies in the Charlotte region.

This story was originally published February 28, 2018 at 12:24 PM with the headline "CEO of a major Charlotte company departs suddenly and unexpectedly."