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Case Study: ESOP Board Refresh
Client: Wausau Supply
Industry: Manufacturing / Distribution
Objective: Recruit new board members with industry-leading experience in the building supply space to guide the strategic direction of a billion-dollar ESOP.
Background
Wausau Supply, a 100% employee-owned company and a leader in manufacturing and distribution within the building supply industry, sought to refresh its board of directors.
- Goal: Bring in seasoned leaders with extensive experience in the building supply sector to provide strategic oversight and support the company’s continued growth as a billion-dollar ESOP.
- Initiative: The focus centered on aligning board expertise with Wausau Supply’s long-term vision for operational excellence and sustained value creation for its employee-owners.
Challenge
The board refresh faced two critical challenges:
- Industry Expertise: Finding leaders with significant experience in building supply manufacturing and distribution who could provide insights into market dynamics, operational challenges, and strategic growth opportunities.
- Cultural Fit: Identifying candidates who not only possessed the necessary industry expertise but also aligned with the company’s ESOP culture and values, including a commitment to transparency, collaboration, and employee engagement.
Strategy
1. Requirement Gathering:
We collaborated closely with Wausau Supply’s leadership team to understand the desired expertise and characteristics for board members. Key priorities included experience in high-growth building supply companies, strategic leadership within ESOP organizations, and a proven ability to navigate complex market landscapes.
2. Market Mapping:
Using Cowen Partners’ proprietary research capabilities, we conducted a targeted market mapping process. This involved identifying industry leaders across building supply manufacturing, distribution, and related sectors who had successfully guided organizations of similar size and complexity.
3. Candidate Outreach:
Outreach efforts were exclusively focused on CEOs and COOs within the building supply industry. This targeted approach ensured candidates had direct experience overseeing large, complex organizations and a strategic perspective that could immediately contribute to Wausau Supply’s board. By tapping into our network of proven leaders, we engaged individuals with a track record of driving growth and operational excellence.
4. Rigorous Evaluation:
All candidates underwent a thorough vetting process, including:
- Competency Assessments: Evaluating expertise in strategic growth, risk management, and ESOP-specific challenges.
- Cultural Fit Analysis: Assessing alignment with Wausau Supply’s employee ownership ethos through in-depth discussions and stakeholder meetings.
- Background Verification: Conducting detailed reference checks and verifying past achievements to ensure credibility and fit.
5. Advisory Support:
Cowen Partners provided advisory support throughout the selection process, helping Wausau Supply’s leadership evaluate candidates’ strategic value and cultural alignment.
Results
The board refresh successfully brought in two new members who exemplified the strategic vision and cultural alignment Wausau Supply was seeking:
- A former CEO of a leading building materials distributor: More than 25 years of experience driving growth in the building supply space, with expertise in supply chain optimization and operational efficiencies that provided invaluable insights for Wausau Supply’s board.
- An industry veteran with deep ESOP expertise: A proven track record in strategic planning for billion-dollar companies, with a focus on employee engagement and innovation that positioned them as an ideal cultural fit.
Impact
The newly appointed board members have already contributed to:
- Strategic Growth Planning: Providing actionable recommendations for expanding Wausau Supply’s footprint across the United States.
- ESOP Value Enhancement: Driving initiatives to strengthen the company’s employee ownership culture, including transparent communication and participation in financial decision-making.
- Operational Excellence: Offering guidance on improving supply chain efficiencies and adopting innovative practices in manufacturing and distribution.
Conclusion
The board refresh has equipped Wausau Supply with the strategic leadership and industry expertise needed to navigate its next phase of growth while upholding its employee ownership values. By exclusively targeting CEOs and COOs with deep industry knowledge, the refreshed board is poised to help Wausau Supply achieve its long-term goals and deliver exceptional value to its employee-owners.
About Wausau Supply
Wausau Supply Co. was established in 1947 and has seen decades of growth both in geography and product distribution. The company is a leading two-step building material distributor with a diverse and progressive mix of innovative manufactured brands. With a footprint extending from the Pacific West Coast to the western edge of the Appalachian Mountains, Wausau Supply is committed to delivering quality products to retail centers across the United States.
About Cowen Partners Executive Search
Cowen Partners Executive Search is the nation’s premier executive search firm, delivering top-tier talent to help organizations achieve their strategic objectives. We provide access to the top 1% of leaders across industries, specializing in C-Suite and board placements.
With proven processes and guaranteed results, Cowen Partners Executive Search has successfully placed hundreds of executives in industries including manufacturing, technology, financial services, healthcare, and private equity. Contact us to learn how we can help you find world-class talent to drive your success.
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