New President & CEO, Edward “Ted” Magarian assumes the helm after Fraunberger retired in 1974. Magarian lead the move to give LMC official cooperative status, thus substantially increasing annual dividends to Stockholders. Magarian felt that it was important for LMC to take on more Stockholders who met the requirements, and some thirty new dealers joined the company during his brief tenure. LMC turned forty in 1975 with 120 stockholders across the east coast and as far west as Mississippi with purchases crossing the $100 million mark for the first time.
Pictured: Edward “Ted” Magarian Pictured: William H. Van Lanen
Two years later, William H. Van Lanen accepted the position of President after Magarian. Van Lanen initiated new management techniques and organizational changes to strengthen LMC and develop better controls. Officers were assigned broader responsibility and accountability. Business plans were developed by department after consultation with dealers and suppliers. Committee duties were expanded, and prominent speakers are invited to shows, increasing attendance.
Lumber dealers saw the value and the number of LMC stockholders continue to increase in the coming decades. The 70s and 80s brought further expansion into the Southeast and Midwest, and parts of Texas and Minnesota – shifting LMC’s service area across the Mississippi.
In 1985, LMC celebrated the half century mark. In 50 years, the company experienced significant growth in both membership and dealer purchases with the stockholder count now at 200.
These years were used to define who LMC would be in the future. This time period served to prepare LMC for the next few decades of tremendous growth, with our first billion-dollar year and our foray across the Mississippi River in our westward expansion.
