Investing.com — MasterBrand Inc (NYSE:MBC) shares fell 5.6% in premarket trading Monday following the announcement that Chief Financial Officer Andrea Simon is departing the company.
The cabinet manufacturer said Mark Young, currently Vice President and Chief Accounting Officer, will serve as interim CFO while the company conducts a search for a permanent replacement. MasterBrand has engaged Russell Reynolds Associates to identify candidates from both internal and external sources.
Simon’s departure is not related to any issues with the company’s financial statements or accounting policies, according to the announcement.
Young joined MasterBrand in 2022 and has been responsible for financial reporting, internal controls, and accounting policy. He brings more than 20 years of finance and accounting leadership experience across the manufacturing industry and public accounting. Prior to MasterBrand, Young held accounting leadership roles at Cooper Tire & Rubber Company, where he led the global accounting function and SEC reporting.
“On behalf of the Board and management team, I’d like to thank Andi for her many contributions to MasterBrand over the past six years,” said Dave Banyard, MasterBrand’s President and Chief Executive Officer. “Her leadership helped establish MasterBrand as a standalone public company, and now is the right time to make this transition.”
Banyard added that Young’s understanding of the company’s strategic priorities and financial operations positions him well for the interim role, particularly as MasterBrand continues its integration following the merger with American Woodmark.
MasterBrand is the largest manufacturer of residential cabinets in North America, offering products across stock, semi-custom and premium cabinetry categories.
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