Building materials supplier James Hardie Industries plc (ASX: JHX) doubled down on the US housing market by appointing its President of International Operations, Dr Jack Truong as its new CEO.
Dr Truong who is based in the US, replaces long standing CEO Louis Gries and will continue to be based in Chicago after he takes over as CEO. North America is a significant region for James Hardie with almost 80% of its global sales coming from there.
With the weakening housing market in Australia threatening other building material suppliers such as Boral Limited (ASX: BLD) and GWA Group Ltd (ASX: GWA), US housing could be an area of growth for James Hardie, although slow wage growth and lower population growth are potential headwinds.
James Hardie shares were down 1% following the announcement.
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The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.