Boral has begun making significant changes to its executive team as a cost cutting exercise, removing chief finance and strategy officer, Tino La Spina, from his position.
The move comes just 18 months after La Spina joined the company from Qantas where he spent 14 years in similar strategy and finance roles.
Boral chairman Ryan Stokes said this was part of a Group decision to reinvigorate a reformed company.
“We are committed to the ongoing transformation and operational improvement of Boral,” Stokes said.
“With its focus now in Australia, the Board has been working with management on what the business should look like, given its reduced operational footprint and size.
“In a tough external operating environment, we have decided to accelerate transformational change.”
Stokes joined the company after Stokes family-owned Seven Group Holdings made a 70 per cent takeover bid last year and positioned Ryan as chairman.
La Spina’s removal coincided with the appointment of Jared Gashel to the role of acting chief financial officer until La Spina’s position its filled.
Gashel currently holds the role of executive general manager, group finance and property.
When La Spina was welcomed to Boral in October 2020, he was described kindly by chief executive officer and managing director Zlatko Todorcevski.
“(Tino’s) time at Qantas has given him valuable experience and proven his ability to manage and contribute to the leadership of large scale, complex, listed businesses in challenging conditions,” Todorcevski said.
“He has proven operational skills including the delivery of change and transformation as well as strong technical skills as a strategic CFO, M&A transactions and capital allocation, all of which will be critically important in his role at Boral.”
Such strategic was well needed over the past 12 months as Boral offloaded all of its non-Australian assets and businesses, including USG Boral, Midland Brick, Meridian Brick, the North America Building Products and Fly Ash businesses, and Boral Australia’s softwood and hardwood timber business.
All but the latter were sold for profits in the hundreds of millions of Australian dollars, while the timber business was worth $64.5 million.