What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2022-02-22 compared with 2021-02-22 · 108 added, 109 removed, 303 unchanged (42% of the section changed)

26 unchanged sentences

Our products are used in the construction of new residential housing, including single-family, multi-family, and manufactured homes, the repair-and-remodeling of existing housing, the construction of light industrial and commercial buildings, and industrial applications.

We have a broad base of national and local customers, which includes a diverse mix of retail lumberyards, home improvement centers, leading wholesalers, specialty distributors, and industrial converters.

We have a broad base of national and local customers, which includes a diverse mix of dealers, home improvement centers, leading wholesalers, specialty distributors, and industrial converters.

Drivers of new residential construction, residential repair-and-remodeling activity, and light commercial construction include new household formation, the age of the housing stock, availability of credit and other macroeconomic factors, such as GDP growth, population growth and migration, interest rates, employment, and consumer sentiment.

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In addition, we have divested of assets that we considered to be non-strategic or where we believed we were unlikely to generate a sufficient return on invested capital in the future.

In BMD, our growth strategy includes adding products and services, expanding our market penetration via acquisition or opening new locations in under-served markets, and identifying and executing upon adjacent distribution platforms that can be scaled.

In BMD, our growth strategy includes adding products and services, expanding our market penetration via acquisition or the opening or expansion of locations in under-served markets, and identifying and executing upon adjacent distribution platforms that can be scaled.

Doors provides a recent example of product line expansion in BMD.

In 2020 we expanded our door shop operations with the addition of assembly equipment in Dallas, Texas, and have announced plans to start up our ninth door shop assembly operation in Houston, Texas, in the second half of 2021.

In 2020 and 2021, we expanded our door shop assembly operations with the addition of assembly equipment in Dallas, Texas, and Houston, Texas.

Also in 2021, we completed or announced capacity expansion projects in Nashville, Tennessee;

Marion, Ohio;

Cincinnati, Ohio;

and Minneapolis, Minnesota.

These organic growth projects allow us to further expand our product and service offerings in those markets.

The change in our sales mix by segment over time from reducing our product mix in Wood Products and expanding our BMD distribution capabilities is illustrated below.

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The charts below illustrate our growth in EWP and how we have transitioned more of our veneer usage to support our EWP growth.

In BMD, we have grown by adding products and services, capturing additional market share in many of our existing markets, expanding our market presence via acquisition or start-up of new locations, and by identifying and executing upon adjacent distribution platforms.

In BMD, we have grown by adding products and services, capturing additional market share in many of our existing markets, expanding our market presence via acquisition or start-up or expansion of locations, and by identifying and executing upon adjacent distribution platforms.

BMD carries a broad line of building materials used in residential construction, repair and remodel, and industrial applications.

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Plywood is used in a wide range of structural, interior, and exterior applications within the residential, industrial, and repair and remodel sectors.

We also produce ponderosa pine shop lumber which is sold primarily to industrial converters, and ponderosa pine appearance grade boards that are sold to home centers and retail lumber yards.

In November 2018, we sold our sole particleboard plant and two lumber mills located in Northeast Oregon, consistent with our strategy to focus on veneer-based manufacturing.

In addition, we sold a hardwood plywood facility located in Moncure, North Carolina (the Moncure Sale) in March 2019.

Moncure was our only hardwood plywood facility and was no longer integrated with our EWP system upon the Roxboro LVL closure noted below.

For additional information, see Note 7, Sale of Manufacturing Facilities, of the Notes to the Consolidated Financial Statements in "Item 8, Financial Statements and Supplementary Data" of this Form 10-K.

We also produce ponderosa pine shop lumber which is sold primarily to industrial converters, and ponderosa pine appearance grade boards that are sold to home centers and dealers.

The following table sets forth the annual capacity, production volumes, and sales volumes of our principal products for the periods indicated:

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Capacity is based on LVL production only.

Thorsby LVL capacity is estimated at 4.5 million cubic feet.

We ceased LVL production at Roxboro in November 2018, prior to which its estimated annual capacity was 2.0 million cubic feet.

(c) In November 2018, we ceased LVL production at our Roxboro, North Carolina facility, prior to which its estimated annual capacity was 2.0 million cubic feet.

I-joist production at Roxboro was ceased in March 2020.

For additional information regarding the Roxboro curtailments, see Note 6, Curtailment of Manufacturing Facilities, of the Notes to the Consolidated Financial Statements in "Item 8, Financial Statements and Supplementary Data" of this Form 10-K.

For additional information regarding the Roxboro I-joist production curtailment, see Note 6, Curtailment of Manufacturing Facility, of the Notes to the Consolidated Financial Statements in "Item 8, Financial Statements and Supplementary Data" of this Form 10-K.

(d) Approximately 29%, 27%, 23%, 24%, and 22%, respectively, of production in 2021, 2020, 2019, 2018, and 2017 was for PLV panels that are utilized internally to produce LVL.

(e) The years 2016-2018 include 135 million square feet of plywood capacity related to the Moncure facility that was sold in March 2019.

(e) The years 2017-2018 include 135 million square feet of plywood capacity related to the Moncure, North Carolina facility that was sold in March 2019.

(f) Excludes LVL produced and used as flange stock in the manufacture of I-joists.

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_______________________________________

(a) Segment sales are calculated before elimination of sales to our Building Materials Distribution segment.

(b) During the year ended December 31, 2018, we recorded a pre-tax loss of $11.5 million related to the sale of two lumber mills and a particleboard plant in Northeast Oregon, as well as a pre-tax impairment loss of $24.0 million on the Moncure plywood facility

upon being classified as held for sale.

(a) Segment sales are calculated before elimination of sales to our BMD segment.

(c) The year ended December 31, 2018 includes $55.0 million of accelerated depreciation, $2.6 million of construction in progress and spare parts write-offs, and $0.2 million of severance expenses related to the Roxboro LVL curtailment in November 2018.

The year ended December 31, 2020 includes $15.0 million of accelerated depreciation and $1.7 million of other closure costs related to the Roxboro I-joist curtailment in March 2020.

(d) Segment EBITDA is calculated as segment income (loss) before depreciation and amortization.

Selected Financial Data" of this Form 10-K for a description of our reasons for using EBITDA and for a discussion of the limitations of such a measure.

(d) Segment EBITDA is calculated as segment income before depreciation and amortization.

We define EBITDA as income before interest (interest expense and interest income), income taxes, and depreciation and amortization.

We believe EBITDA is a meaningful measure because it presents a transparent view of our recurring operating performance and allows management to readily view operating trends, perform analytical comparisons, and identify strategies to improve operating performance.

We also believe EBITDA is useful to investors because it provides a means to evaluate the operating performance of our segments and our Company on an ongoing basis using criteria that is used by our management and because it is frequently used by investors and other interested parties when comparing companies in our industry that have different financing and capital structures and/or tax rates.

EBITDA, however, is not a measure of our liquidity or financial performance under generally accepted accounting principles (GAAP) and should not be considered as an alternative to net income, income from operations, or any other performance measure derived in accordance with GAAP or as an alternative to cash flow from operating activities as a measure of our liquidity.

The use of EBITDA instead of net income or segment income (loss) has limitations as analytical tools, including the inability to determine profitability;

the exclusion of interest expense, interest income, and associated significant cash requirements;

and the exclusion of depreciation and amortization, which represent unavoidable operating costs.

Management compensates for these limitations by relying on our GAAP results.

Our measure of EBITDA is not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation.

Our Wood Products segment operates five EWP facilities.

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Logs comprised approximately 66% of our wood fiber costs during 2021, and we satisfy our log requirements through a combination of purchases under supply agreements, open-market purchases, and purchases pursuant to contracts awarded under public auctions.

Approximately 84% of our log supply in 2020 was supplied through purchases from private land owners or through dealers.

Approximately 84% of our log supply in 2021 was supplied through purchases from private landowners or through dealers.

We also bid in auctions conducted by federal, state, and local authorities for the purchase of logs, generally at fixed prices, under contracts with terms of generally one to three years.

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Our aggregate cost of obtaining logs is also affected by fuel costs and the distance of the log source from our facilities, as we are often required to arrange for harvesting and delivery of the logs we purchase from the source to our facilities.

For a discussion of contractual commitments relating to log supply agreements, see "Contractual Obligations" in "Item 7.

For a discussion of contractual commitments relating to log supply agreements, see "Liquidity and Capital Resources" in "Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations" of this Form 10-K.

We also purchase OSB, which is used as the vertical web to assemble I-joists, from a supplier with multiple locations throughout North America.

We also purchase OSB, which is used as the vertical web to assemble I-joists.

OSB accounted for approximately 9% of the aggregate amount of materials, labor, and other operating expenses (excluding depreciation) for our Wood Products segment in 2021.

OSB is a commodity, and prices have been historically volatile in response to industry capacity and operating rates, inventory levels in various distribution channels, and seasonal demand patterns.

Sustained periods of high OSB costs lead to higher costs of our I-joist production.

Wood fiber also includes, to a lesser extent than OSB, lumber purchased from third parties for I-joist production at our Canadian EWP facility and for production at our laminated beam plant in Idaho.

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In 2021, EWP and plywood accounted for 51% and 40%, respectively, of our Wood Products sales.

The majority of our wood products are sold to leading wholesalers (including our Building Materials Distribution segment), home improvement centers, retail lumberyards, and industrial converters in North America.

Our Building Materials Distribution segment is our Wood Products segment's largest customer, representing approximately 61% of our Wood Products segment's overall sales in 2020.

In 2020, 80% and 24%, of our Wood Products segment's EWP and plywood sales volumes, respectively, were to our Building Materials Distribution segment.

The majority of our wood products are sold to leading wholesalers (including our BMD segment), home improvement centers, dealers, and industrial converters in North America.

Our BMD segment is our Wood Products segment's largest customer, representing approximately 62% of our Wood Products segment's overall sales in 2021.

In 2021, 78% and 28% of our Wood Products segment's EWP and plywood sales volumes, respectively, were to our BMD segment.

Building Materials Distribution

1 unchanged sentence

including OSB, plywood, and lumber (collectively commodities), general line items such as siding, composite decking, doors, metal products, insulation, and roofing, and EWP.

Except for EWP, we purchase most of these building materials from a broad base of third-party suppliers ranging from large manufacturers, such as James Hardie Building Products, Trex Company, Huber Engineered Woods, and Louisiana-Pacific Corporation, to small regional producers.

Except for EWP, we purchase most of these building materials from a broad base of third-party suppliers ranging from large manufacturers, such as Huber Engineered Woods, James Hardie Building Products, Louisiana-Pacific Corporation, Trex Company, and Therma-Tru Corporation, to small regional producers.

Substantially all of our EWP is sourced from our Wood Products segment.

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(a) Segment EBITDA is calculated as segment income before depreciation and amortization.

Selected Financial Data" of this Form 10-K for a description of our reasons for using EBITDA and for a discussion of the limitations of such a measure.

Our Building Materials Distribution segment operates a nationwide network of 38 building materials distribution facilities throughout the U.S.

We define EBITDA as income before interest (interest expense and interest income), income taxes, and depreciation and amortization.

EBITDA, however, is not a measure of our liquidity or financial performance under GAAP and should not be considered as an alternative to net income, income from operations, or any other performance measure derived in accordance with GAAP or as an alternative to cash flow from operating activities as a measure of our liquidity.

The use of EBITDA instead of net income or segment income (loss) has limitations as analytical tools, including the inability to determine profitability;

the exclusion of interest expense, interest income, and associated significant cash requirements;

and the exclusion of depreciation and amortization, which represent unavoidable operating costs.

Management compensates for these limitations by relying on our GAAP results.

Our measure of EBITDA is not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation.

Our BMD segment operates a nationwide network of 38 building materials distribution facilities throughout the U.S.

and also operates a single component manufacturing plant.

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and Birmingham, Alabama.

These locations complement our existing distribution business and strengthen our nationwide presence.

In addition, we believe we will be able to broaden our product and service offerings within those markets.

For further discussion on acquisitions, see Note 8, Acquisitions, of the Notes to Consolidated Financial Statements in "Item 8.

These locations complemented our existing distribution business and strengthened our nationwide presence, and we have been able to broaden our product and service offerings within each of these markets.

For further discussion on acquisitions, see Note 7, Acquisitions, of the Notes to

Consolidated Financial Statements in "Item 8.

Financial Statements and Supplementary Data" of this Form 10‑K.

Sales, Marketing, and Distribution

We market our building materials primarily to retail lumberyards, home improvement centers, and specialty distributors that then sell the products to end customers, who are typically homebuilders, independent contractors, and homeowners engaged in residential construction and repair-and-remodeling projects.

We market our building materials primarily to dealers, home improvement centers, and specialty distributors that then sell the products to end customers, who are typically homebuilders, independent contractors, and homeowners engaged in residential construction and repair-and-remodeling projects.

We also market our products to a wide variety of industrial accounts, which use our products to assemble cabinets, doors, agricultural bins, crating, and other products used in industrial and construction applications.

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Broadening our product offering also helps us drive additional products through our distribution system, thereby increasing our scale and efficiency.

Our customer relationships range from locally owned single-location facilities to the largest national home improvement center and retail lumberyard chains across the U.S., with Home Depot and Builders FirstSource being our largest customers.

Sales to Home Depot were recorded in our Building Materials Distribution and Wood Products segments and substantially all sales to Builders FirstSource were recorded in our Building Material Distribution segment.

For additional information related to customers of our Wood Products and Building Materials Distribution segments, see the "Sales, Marketing, and Distribution" sections above.

Our customer relationships range from locally owned single-location facilities to the largest national home improvement center and dealers across the U.S., with Builders FirstSource and Home Depot being our largest customers.

Substantially all sales to Builders FirstSource were recorded in our BMD segment, and sales to Home Depot were recorded in our BMD and Wood Products segments.

For additional information related to customers of our Wood Products and BMD segments, see the "Sales, Marketing, and Distribution" sections above.

Wood Products.

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In EWP, we compete against several major North American EWP producers, such as Weyerhaeuser Company, Louisiana-Pacific Corporation, and Roseburg Forest Products, as well as several other smaller firms.

Our EWP products also face competition from numerous dimension lumber producers, because EWP may be substituted by dimension lumber in many building

applications.

Our EWP products also face competition from numerous dimension lumber producers, because EWP may be substituted by dimension lumber in many building applications.

In plywood, we compete with Georgia-Pacific, the largest manufacturer in North America, other large producers such as Roseburg Forest Products, foreign imports produced principally in South America, and several smaller domestic producers.

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The building materials distribution markets in which we operate are highly fragmented, and we compete in each of our geographic and product markets with national, regional, and local distributors.

Our wholesale distribution competitors include BlueLinx Holdings Inc., Weyerhaeuser Company, Dixie Plywood and Lumber, OrePac, U.S.

Our wholesale distribution competitors include BlueLinx Holdings Inc., Specialty Building Products Inc., Weyerhaeuser Company, Dixie Plywood and Lumber, OrePac, U.S.

Lumber Group, Huttig Building Products, and Capital Lumber, among others.

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Living our values means driving the expectation that each of our associates has ownership in safety and the authority to stop work if there is a safety concern.

Our safety commitment extends to minimizing the spread of COVID-19.

Our safety commitment extends to minimizing the spread and reducing the severity of COVID-19, including educating our associates on the effectiveness of vaccines and strongly encouraging vaccination for its long-term health benefits.

Our cross-functional crisis team continues to monitor and adjust our protocols as infection rates fluctuate and state/local regulations change across the country.

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We focus on developing talent from within our businesses and supplement with finding the right external hires to support our key strategic objectives of accelerating innovation, digital technology, and diversity and inclusion.

We strive for excellence in business continuity and personal growth by developing our

associates as individuals through targeted leadership programs, experiences, and assignments.

We strive for excellence in business continuity and personal growth by developing our associates as individuals through targeted leadership programs, experiences, and assignments.

Individual development includes annual performance reviews with development plans, access to a variety of resources, and ongoing education opportunities.

Environmental

A discussion of general and industry-specific environmental laws and regulations is presented under the caption "Environmental" in "Item 7.

A discussion of general and industry-specific environmental laws and regulations, climate change, and energy uses are presented under the caption "Environmental" in "Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Item 3.

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Nate Jorgensen 57 Chief Executive Officer

Wayne Rancourt 58 Executive Vice President, Chief Financial Officer, and Treasurer

Kelly Hibbs 55 Senior Vice President, Chief Financial Officer, and Treasurer

Mike Brown 60 Executive Vice President, Wood Products

Nick Stokes 63 Executive Vice President, Building Materials Distribution (retiring effective March 12, 2021)

Jeff Strom 54 Executive Vice President, Building Materials Distribution

Jill Twedt 42 Senior Vice President, General Counsel and Secretary

Kelly Hibbs 54 Vice President and Controller

Key Management:

Tom Hoffmann 63 Senior Vice President of Purchasing, Building Materials Distribution

Robert Johnson 57 Senior Vice President, Engineered Wood Products Sales and Marketing, Wood Products

Erin Nuxoll 62 Senior Vice President, Human Resources

Chris Seymour 50 Senior Vice President, Manufacturing Operations, Wood Products

Rich Viola 64 Senior Vice President of Sales and Marketing, Building Materials Distribution

Frank Elfering 54 Vice President, General Manager Western Operations, Building Materials Distribution

Tom Hoffmann 62 Vice President of Purchasing, Building Materials Distribution

Robert Johnson 56 Vice President, Engineered Wood Products Sales and Marketing, Wood Products

Chris Seymour 49 Vice President, Manufacturing Operations, Wood Products

Jeff Strom 53 Vice President, General Manager Eastern Operations, Building Materials Distribution (Executive Vice President, BMD effective March 12, 2021)

Jim Wickham 56 Vice President, Eastern Operations, Building Materials Distribution

Nate Jorgensen, Chief Executive Officer

Jorgensen became the company's chief executive officer effective March 6, 2020.

Jorgensen was elected the company's chief executive officer in March 2020.

His previous positions include:

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Jorgensen received a bachelor's degree in Civil and Environmental Engineering from the University of Wisconsin and also attended the Tuck School of Business Executive Education Program, Dartmouth College, Hanover, NH.

Wayne Rancourt, Executive Vice President, Chief Financial Officer, and Treasurer

Rancourt became our executive vice president, chief financial officer, and treasurer in November 2014.

Kelly Hibbs, Senior Vice President, Chief Financial Officer, and Treasurer

Hibbs was elected the company's senior vice president, chief financial officer, and treasurer in May 2021.

His previous positions with the company include:

• Senior Vice President, Chief Financial Officer, and Treasurer, August 2009 - November 2014

• Vice President, Treasurer and Investor Relations, February 2008 - August 2009

Rancourt received a bachelor's degree in Accounting from Central Washington University, Ellensburg, WA.

He is a member of the board of directors of Commercial Vehicle Group, Inc., a supplier of seating systems, warehouse automation subsystems, wire harnesses, plastic parts, and mechanical assemblies, which is traded publicly on NASDAQ.

• Vice President and Controller, February 2011 - May 2021

• Director of Strategic Planning and Internal Audit, February 2008 - February 2011

Hibbs received a bachelor's degree in Accounting from Boise State University, Boise, ID.

He is a certified public accountant.

Mike Brown, Executive Vice President, Wood Products

Brown was elected executive vice president, Wood Products, in January 2019.

Brown was elected the company's executive vice president, Wood Products, in January 2019.

His previous positions with the company include:

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Brown received a bachelor's degree of science in Forestry from Australian National University in Canberra and a master's degree in Business Administration from Cranfield University, England.

Nick Stokes, Executive Vice President, Building Materials Distribution

Stokes, our executive vice president, Building Materials Distribution, has elected to retire from the company effective March 12, 2021.

He was elected to the position in March 2014.

Jeff Strom, Executive Vice President, Building Materials Distribution

Strom was elected the company's executive vice president, Building Materials Distribution, in March 2021.

His previous positions with the company include:

• Senior Vice President, Building Materials Distribution, February 2011 - March 2014

• Vice President, Building Materials Distribution, October 2004 - February 2011

Stokes received a bachelor's degree in Management and a bachelor's degree in Marketing from the University of Utah, Salt Lake City, UT.

• Vice President, General Manager Eastern Operations, Building Materials Distribution, January 2020 - March 2021

• General Manager, Eastern Region, Building Materials Distribution, May 2019 - January 2020

• Region Manager, Building Materials Distribution, November 2015 - May 2019

• Branch Manager, Building Materials Distribution, September 2008 - November 2015

Strom received a bachelor’s degree in Management from the Georgia Institute of Technology, Atlanta, GA.

Jill Twedt, Senior Vice President, General Counsel and Secretary

Twedt was elected senior vice president, general counsel, and secretary in October 2020.

Twedt was elected the company's senior vice president, general counsel, and secretary in October 2020.

Her previous positions include:

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Twedt received a bachelor's degree in Political Science from the College of Idaho, Caldwell, ID and a law degree from the University of Idaho, Moscow, ID.

Kelly Hibbs, Vice President and Controller

Hibbs became our vice president and controller in February 2011.

Tom Hoffmann, Senior Vice President of Purchasing, Buildings Materials Distribution

Hoffmann was elected the company's senior vice president of purchasing, Building Materials Distribution, in July 2021.

His previous positions with the company include:

• Director of Strategic Planning and Internal Audit, February 2008 - February 2011

Hibbs received a bachelor's degree in Accounting from Boise State University, Boise, ID.

He is a certified public accountant.

• Vice President of Purchasing, Building Materials Distribution, May 2019 - July 2021

• Vice President of Operations, Building Materials Distribution, October 2016 - May 2019

• Division Operations Manager, Building Materials Distribution, September 2015 - October 2016

• Pacific Region Manager, Building Materials Distribution, November 2006 - September 2015

Hoffmann received a bachelor's degree in Business from the University of Idaho, Moscow, ID, with a dual major in management and marketing.

Robert Johnson, Senior Vice President, Engineered Wood Products Sales & Marketing, Wood Products

Johnson was elected the company's senior vice president of engineered wood products sales and marketing, Wood Products, in February 2022.

His previous positions with the company include:

• Vice President of Engineered Wood Products Sales and Marketing, Wood Products, January 2020 - February 2022

• Director of Engineered Wood Products, March 2019 - January 2020

• Region Manager, Wood Products, February 2016 - March 2019

• Business Optimization Manager, Wood Products, March 2015 - February 2016

• Business Optimization Engineer, Wood Products, October 2014 - March 2015

Johnson received a bachelor’s degree in Finance from the University of Oregon, Eugene, OR.

Erin Nuxoll, Senior Vice President, Human Resources

Nuxoll was elected senior vice president, human resources in January 2019.

Nuxoll was elected the company's senior vice president, human resources in January 2019.

Her previous positions include:

7 unchanged sentences

master's degree in Organizational Leadership from Gonzaga University, Spokane, WA.

Rich Viola, Senior Vice President of Sales and Marketing, Building Materials Distribution

Viola became our senior vice president of sales and marketing, Building Materials Distribution, in February 2016.

His previous positions with the company include:

• Vice President, Sales and Marketing, Building Materials Distribution, October 2013 - February 2016

Viola received a bachelor's degree in Marketing from Northeastern University, Boston, MA.

Frank Elfering, Vice President, General Manager Western Operations, Building Materials Distribution

Elfering became our vice president and general manager of western operations, Building Materials Distribution, in May 2019.

His previous positions with the company include:

• Vice President of Purchasing, Building Materials Distribution, October 2013 - May 2019

• Purchasing Manager, Building Materials Distribution, July 2013 - October 2013

Elfering received a bachelor's degree in Marketing from Oregon State University, Corvallis, OR.

Tom Hoffmann, Vice President of Purchasing, Buildings Materials Distribution

Hoffmann became our vice president of purchasing, Building Materials Distribution, in May 2019.

His previous positions with the company include:

• Vice President of Operations, Building Materials Distribution, October 2016 - May 2019

• Division Operations Manager, Building Materials Distribution, September 2015 - October 2016

• Pacific Region Manager, Building Materials Distribution, November 2006 - September 2015

Hoffmann received a bachelor's degree in Business from the University of Idaho, Moscow, ID, with an emphasis in marketing and management.

Robert Johnson, Vice President, Engineered Wood Products Sales & Marketing, Wood Products

Johnson became our vice president of engineered wood products sales and marketing, Wood Products, in January 2020.

His previous positions with the company include:

• Director of Engineered Wood Products, March 2019 - January 2020

• Region Manager, Wood Products, February 2016 - March 2019

• Business Optimization Manager, Wood Products, March 2015 - February 2016

• Business Optimization Engineer, Wood Products, October 2014 - March 2015

Johnson received a bachelor’s degree in Finance from the University of Oregon, Eugene, OR.

Chris Seymour, Vice President, Manufacturing Operations, Wood Products

Seymour became our vice president of manufacturing operations, Wood Products, in January 2020.

Chris Seymour, Senior Vice President, Manufacturing Operations, Wood Products

Seymour was elected the company's senior vice president of manufacturing operations, Wood Products, in February 2022.

His previous positions with the company include:

• Vice President of Manufacturing Operations, Wood Products, January 2020 - February 2022

• Director of Operations, Wood Products, February 2019 - January 2020

2 unchanged sentences

Seymour received a bachelor’s degree in Business Administration and a master’s degree in Wood Science from West Virginia University, Morgantown, WV.

Jeff Strom, Vice President, General Manager Eastern Operations, Building Materials Distribution

Strom will become Executive Vice President, Building Materials Distribution, effective March 12, 2021.

He is currently our vice president and general manager of eastern operations, Building Materials Distribution, to which position he was elected in January 2020.

Rich Viola, Senior Vice President of Sales and Marketing, Building Materials Distribution

Viola was elected the company's senior vice president of sales and marketing, Building Materials Distribution, in February 2016.

His previous positions with the company include:

• General Manager, Eastern Region, Building Materials Distribution, May 2019 - January 2020

• Region Manager, Building Materials Distribution, November 2015 - May 2019

• Branch Manager, Building Materials Distribution, September 2008 - November 2015

Strom received a bachelor’s degree in Management from the Georgia Institute of Technology, Atlanta, GA.

• Vice President, Sales and Marketing, Building Materials Distribution, October 2013 - February 2016

Viola received a bachelor's degree in Marketing from Northeastern University, Boston, MA.

Jim Wickham, Vice President, Eastern Operations, Building Materials Distribution

Wickham was elected the company's vice president of eastern operations, Building Materials Distribution, in February 2022.

His previous positions with the company include:

• General Manager, Eastern Operations, Building Materials Distribution, February 2021 - February 2022

• Region Manager, Building Materials Distribution, May 2016 - February 2021

• Branch Manager, Building Materials Distribution, March 2008 - May 2016

Wickham received a bachelor’s degree in Business from Missouri State University, Springfield, MO.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business