SOUTH JORDAN -- Headwaters Inc., has announced that Steven G. Stewart is retiring as Chief Financial Officer.
Stewart has worked for Headwaters since May 1998 and has functioned as Headwaters CFO during most of that time. Stewart will step down as CFO immediately, but will continue as Headwaters' Director of Finance through June 2013 and will provide time and assistance in order to assure a smooth transition. Prior to joining Headwaters, Mr. Stewart held various management positions with several of the "Big Four" international accounting firms over a 23 year period, including 13 years as a partner. He was a partner with PricewaterhouseCoopers LLC immediately prior to joining Headwaters.
Donald P. Newman has been hired and is assuming Chief Financial Officer responsibilities effective Dec. 8, 2010. Newman has an undergraduate degree in accounting from the University of Minnesota (Duluth). His work history includes positions with Deloitte & Touche, NRG Energy, Inc. and ACI Worldwide, Inc. Most recently, he was employed by Boart Longyear Limited, having served as interim CFO and VP - Corporate Controller. Boart Longyear is headquartered in Salt Lake City and is the world's leading integrated drilling services and minerals industry manufacturing company providing goods and services to mining companies.
Stewart stated, "We are pleased to have found and hired a CFO with Don's qualifications and experience. Don will prove to be a very valuable asset as Headwaters goes forward. I am very committed to doing whatever is necessary to assure a smooth, transparent transition for Don. The experiences, challenges and accomplishments that I have had over the last twelve years far exceeded my expectations. I have enjoyed very much my association with my fellow employees and our business associates. My objective now is to move into a support role where I can spend more time with family and friends, while pursuing some of my personal goals."
Newman stated, "I am excited to join the Headwaters management team at this important time in the evolution of the company. I appreciate the strong financial leadership that Steve has provided to Headwaters. There remain substantial opportunities to create additional value throughout Headwaters' portfolio of businesses and I look forward to the challenge of leading the financial organization as Headwaters pursues and captures these growth opportunities."
Headwaters Incorporated's vision is to improve sustainability by transforming underutilized resources into valuable products. Headwaters is a diversified growth company providing products, technologies and services to the heavy construction materials, light building products, and energy technology industries.Through its coal combustion products, building products, and energy businesses, the company earns a revenue stream that helps to provide the capital to fund growth of existing and new business opportunities.