David Hughes, who was named president in 1972, CEO in 1974 and became chairman/CEO two years ago, will remain as chairman of the company. Under his leadership, the company has grown from being a local building supplies distributor with sales of $30 million to a diversified national company with sales of more than $3 billion. Today Hughes has more than 450 branches in 34 states. It was ranked No. 2 in SUPPLY HOUSE TIMES' 2003 Premier 150, based on fiscal 2002 performance.
In other changes, J. Stephen Zepf, who has been chief financial officer at Hughes for the past 19 years, was named senior vice president of strategic development/mergers & acquisitions. The new department was created in March to identify, evaluate, price, close and integrate strategic acquisitions and to negotiate, establish and implement strategic alliances. While CFO, Zepf participated in more than 90 acquisitions completed by Hughes. He will report directly to Morgan.
Also, David Bearman joined Hughes Supply as executive vice president and chief financial officer. Most recently he had been CFO for NCR Corp., from 1998 to 2001; prior to that he was CFO of Cardinal Health, a distributor of medical products. He has also held various executive positions at General Electric Co.