USA-based Eagle Materials has announced that Dave Powers, CEO, will retire from this role on 1 July 2019. Mr Powers will remain on the board of directors and will be succeeded by Michael Haack, the current president and COO at the company.

"Michael has been instrumental in building upon the company’s enviable low-cost positions and sustainable advantages, particularly as they relate to the scale of operations that Eagle represents today," said Rick Stewart, chairman. "We are also enormously grateful for the innumerable contributions Dave has made to the company during his tenure and are delighted we will be able to retain the benefit of his perspectives as a board member."

Mr Powers has served as the CEO of the company since 2016.