The Boyd Group Income fund (The Boyd Group) announced its CEO succession plan and its second quarter results during its conference call, today.
The CEO succession plan will have the company’s current CEO, Brock Bulbuck, move into an executive chair role in 2020 and Tim O’Day, the current president and chief operating officer, succeed Bulbuck to become president and CEO, according to the company. These changes are expected to be effective January 2, 2020. Company representatives stated O’Day’s chief operating officer responsibilities will be reallocated among existing key management personnel.
“Tim has played an integral role in the Boyd Group’s growth and success since joining us as chief operating officer U.S. operations in 2004 in conjunction with the acquisition of Gerber Collision. It is my intent to start to slow down as I enter my 60’s, and having Tim ready to step in to lead the company has made my decision, including timing, much easier,” said Bulbuck.
O’Day joined Gerber Collision & Glass in February, 1998 and with Boyd Group’s acquisition of Gerber in 2004, he was appointed chief operating officer of Boyd’s U.S. Operations. In 2008, he was appointed president and chief operating officer for U.S. operations, and in January, 2017 he was appointed president and chief operating officer for all of Boyd’s operations in both the U.S. and Canada.
“We continue to execute against a solid business strategy supported by an excellent long-tenured leadership team that has delivered outstanding results over the past several years. This leadership team, combined with Brock’s continuing support as Executive Chair, will provide for a smooth transition and will continue to position Boyd well for the future,” said O’Day
The Boyd Group not only is a retail auto glass operator, it also has collision repair centers across the United States and Canada. It operates Boyd Autobody & Glass, Gerber Collision & Glass, Gerber National Claim Services, Glass America and Assured Automotive.
The company reported strong growth in its financial results for its second quarter. Its financial results mentioned in the report ended on June 30, 2019. Sales increased by 25.4% to $572.5 million, when compared to the same time period in 2018. According to the company’s financial report, same-store sales went up by 5.2%.
“Despite the ransomware cyber-attack interruption that occurred at the end of the second quarter, we were able to effectively deal with the technology challenges it presented and minimize the impact on the operation of the business. As a result, we again achieved strong same-store sales growth in the quarter which contributed to double digit increases in revenue and earnings,” said Bulbuck.
“Additionally, a forensic investigation has now confirmed that there is no evidence of exfiltration or breach of any data. I want to both thank and commend our entire team for their amazing efforts and accomplishments in dealing with this challenge,” Bulbuck added.
During its second quarter, the company successfully added 13 locations, which includes one intake center, according to the report. Following the end of the quarter, the Boyd Group added 18 locations, including 16 locations in New York through its Nu-Look Collision acquisition.
“We continue to be confident that we will maintain our progress toward our long-term growth targets and operational plans. Our pipeline to add new locations in existing markets and to expand into new markets is healthy. In terms of future growth, our strong balance sheet, along with over $250 million in dry powder position us well to continue to add new locations, grow market share and deliver shareholder value,” said Bulbuck.