James Hardie has appointed Nigel Stein as chair of its board of directors, and Ryan Lada as chief financial officer.
The exterior home and outdoor living solutions company stated that both appointments are effective immediately. Both Stein and Lada said that they are delighted to take on the new role, and with it the additional responsibilities it will require.
“I am honoured to take on this responsibility at such an important moment for James Hardie,” Stein said.
“As a strong, industry leader with an increased presence in key markets around the globe and a broad portfolio, the company is poised to capture the significant growth opportunities ahead. At the same time, we remain deeply cognisant of James Hardie’s founding as an Australian company.”
Lada reinstated much of what Stein said.
“I am excited to join James Hardie at the pivotal time and look forward to partnering with Aaron and the rest of the management team to drive outperformance over the long-term and accelerate value creation for shareholders,” he said.
“We are at the beginning of a transformative journey, and I look forward to engaging with our investment community as we deliver on the promises we have made as a global sector leader in both Australia and the United States.”
James Hardie also revealed the formation of an ad-hoc integration and performance committee of the board, which will oversee and support the integration, synergy deliver, and overall business performance.
Stein, who has prior experience in the global automotive and manufacturing sectors, said that the outcome of James Hardie’s annual meeting will be taken seriously and recognises the company’s stakeholders’ desire for change.
“We appreciate the extensive engagement that we have had with our investors across both of our share registers during the past several months and are carefully considering the constructive input we have received,” he said.
“I will travel soon to Australia for face-to-face meetings as we look to enhance shareholder engagement, to identify Australian independent director candidates who could provide additional perspectives and skills for our board, and to review our remuneration practices to align with performance, I look forward to constructively and openly engaging with all of our shareholders, along with Arron and the rest of the board.”
James Hardie chief executive officer Aaron Erter said that the appointment of Lada as chief financial officer is a significant decision the company made, but is the right one.
“Lada brings deep industry knowledge, financial expertise, and a proven track record of delivering impressive results,” he said.
“We are confident that he has the skillset to help us deliver on our strategy to drive growth, capitalise on our strong forward momentum, and enhance shareholder value.”
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