New Enterprise’s Stone to retire
NEW ENTERPRISE — New Enterprise Stone & Lime Co. Inc. officials have announced the planned May 31 retirement of Al Stone, the company’s chief financial officer.
The company is conducting a formal search for his replacement. During the search, the role of interim CFO will be shared by Paul Detwiler III and several members of the company’s accounting and finance staff — led by Daryl Black, the company’s chief accounting officer.
“Al has played an essential role in the enterprisewide transformation that has enabled NESL to deliver outstanding financial performance to our stakeholders. Under Al’s leadership, NESL has significantly improved productivity throughout our organization that we believe positions us for continued success in a highly dynamic external environment. I know Al has been looking forward to his retirement, and we wish him well,” said Detwiler, president and CEO, in a statement.
Stone joined NESL in 2013. Prior to NESL, Stone was a financial executive with a variety of firms in the materials and construction industry.
“I am deeply appreciative to Paul and the entire NESL team for their support over the past seven years,” Stone said in a statement. “Together, we improved operating income by over $100 million while reducing debt. Equally important, we realigned our focus by selling non-core businesses such as our safety services and masonry block operations and concentrated the business on its core aggregate operations. Together, these steps should place NESL on solid footing to continue to generate stable, consistent results over the long term.”