Australia's Boral appoints former Cleanaway boss Vik Bansal as CEO (updated)

Boral

07/06/2022 23:16

(Adds details on Bansal, Todorcevski)
    June 8 (Reuters) - Australia's top construction materials
maker Boral Ltd  BLD.AX  on Wednesday appointed former boss of
ASX-listed Cleanaway Waste Management  CWY.AX  Vik Bansal as its
chief executive officer and managing director. 
    Boral said industry veteran Zlatko Todorcevski, who was
appointed in June 2020, will remain as its CEO until the
transition to Bansal is complete on or before December 5 this
year.     
    Bansal had previously headed Cleanaway from 2015 to 2021,
during which he oversaw a period of significant shareholder
returns. He is currently the CEO of steel manufacturing business
InfraBuild.
    The Sydney-listed company faces several hurdles in the
near-future, with heavy rainfall in the states of New South
Wales and Queensland hurting sales, and as higher inflation and
energy costs pile pressure on margins. Last month, Boral warned
that annual profit may come in nearly a third below
expectations.  urn:newsml:reuters.com:*:nL3N2XA01U  
    Todorcevski took the top job back when Boral grappled with a
drop in sales due to the COVID-19 pandemic, as well as the
fallout from accounting irregularities at its North American
window-making business.
    Under Todorcevski, Boral exited its operations in the United
States, retreating from a seven-year global expansion strategy
that saw a spree of offshore acquisitions leading to a hefty
writedown in 2020.  urn:newsml:reuters.com:*:nL1N2SQ0HK
    
    

 (Reporting by Harish Sridharan in Bengaluru; Editing by Krishna
Chandra Eluri)
 ((Harish.Sridharan@thomsonreuters.com;))