The Boral Limited (ASX: BLD) share price has slipped into the red today amid reports the company’s CFO and chief strategy officer will leave his position in 2022. The departure adds to a list of executive changes at the company since it was acquired by Seven Group Holdings Ltd (ASX: SVW) last year.
Boral confirmed the departure in an update provided earlier this morning.
While the announcement isn’t price sensitive in any way, it is another notch in the growth narrative of the Boral share price.
Shares in the international building and construction materials group have slipped 0.57% from the open today to currently trade at $3.47 apiece.
What did Boral announce today?
The company advised that its chief finance and strategy officer, Tino La Spina, has “ceased” in his role, with the board intending to provide notice of termination on 1 July 2022.
Boral says its current executive general manager, group finance and property, Jared Gashel, will slide in as acting CFO until new appointments are made.
Newly appointed chairman, Ryan Stokes, said Boral had been taking a long hard look at what its business “should look like” after the takeover.
We are committed to the ongoing transformation and operational improvement of Boral. 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.
After the company released an enormous dividend earlier this year, the Boral share price has been trading sideways and is down 43% this year to date. However, it is up almost 2% over the past month.
It’s rated as a buy from analysts at Macquarie and Barrenjoey, while the consensus price target is $3.69 per share, according to Bloomberg data.
Meanwhile, analysts at Credit Suisse, Morgan Stanley, Jefferies, and JP Morgan rate it as a hold right now. Only one firm, Barclay Pearce, urges its clients to sell off Boral shares.