Vik Bansal has been appointed Boral chief executive officer and managing director, effective Monday 5 December 2022.
Bansal will replace current Boral chief executive Zlatko Todorcevski, who will remain in the role until the transition is complete.
Bansal has more than 30 years of leadership experience in managing complex industrial organisations. He has demonstrated the ability to guide organisations through significant growth, transition, and improvement.
Bansal is currently the chief executive of InfraBuild where he delivered improvements across financial and operational metrics in a short period of time.
Prior to this, Bansal worked at Cleanaway from 2015 and 2021.
At Cleanaway he implemented the Footprint 2025 strategy, embedding strong financial and operational discipline. Bansal developed a network of prized infrastructure whilst simultaneously improving safety and prioritising customer service.
Bansal is delighted to join Boral as chief executive and managing director, and to support Boral to reach its potential and return value for shareholders.
“Boral is an iconic and compelling business with great assets and a well-respected and motivated workforce,” Bansal said.
“I am excited to be part of Boral’s next phase of creating value for all its stakeholders through a culture of safety, and focus on service, sustainability and simplification.”
The Boral board is confident in Bansal’s ability to lead Boral, said Boral chairman Ryan Stokes.
“(Bansal) is a seasoned leader with extensive experience and has a track record of instilling discipline and efficiency in complex businesses to create value for all stakeholders,” Stokes said.
“(Bansal) has the passion, commitment and strategic leadership skills required to drive a performance orientated culture with a focus on productivity, stakeholders and leveraging Boral’s competitive advantages.”
“He is the right leader to guide the Company into a new era,” Stokes stated.
Stokes thanked Mr Todorcevski for his contribution to the business and for continuing to lead the company during the transition.
“Over the last two years, (Todorcevski) has overseen significant change, including a roadmap for the company’s transformation, the successful sale of non-core assets and the return of proceeds to investors,” Stokes said.
“The Boral of today is a more focused business that now has the opportunity to prioritise efficiency, new opportunities and growth. It is the right time to transition to a new leader.”
Todorcevski is proud of his achievements at Boral and acknowledged the work of his team.
“I am proud of what we have achieved over the last two years to return Boral’s focus to its core Australian operations, all while facing unprecedented challenges, including the worst of the pandemic, construction shutdowns and floods,” Todorcevski said.
“I am particularly proud of the leadership position Boral is taking to decarbonise our business and provide leading sustainable solutions to our customers.”