Asia / Oceania
Australia's Boral ousts CEO
May, 24 2012
(Australia) -- The board of Australian building products firm Boral Ltd has ousted the company's chief executive Mark Selway on Tuesday. Selway, 52, has headed Boral since January 2010.
The company cited the ‘restructuring’ of the company as the reason behind its decision and said that a new leader was required who could "harmonise" the company after a two-year restructuring.
"The board has decided that the stewardship of the company going forward requires a Chief Executive with a leadership style suited to harmonising the changes that have occurred over the last two years throughout the company," Boral said in a statement.
The board said Selway would step down from his role effective immediately, although he would remain employed until July 31 to help with the transition.
In a statement announcing Mr Selway's departure, chairman Bob Every pointed to excellent operational improvements made during his tenure.
Dr Every said the company would conduct a global search for an executive.
Boral has appointed Ross Batstone, currently divisional managing director Boral building products, as acting chief executive officer until the company hires a replacement.
Boral remains under financial pressure, with the company slicing its full year profit forecast to $128-$153 million from a previously expected $150-$175 million in April, attributed to heavy rain that hampered residential construction on Australia's east coast.
By: Rashmi Kalia (ARI-C NEWS)
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