Boral share price charges higher amid controversial CEO appointment

Boral has named its new CEO…

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Key points

  • Boral's shares are charging higher on Wednesday morning
  • Investors have responded positively to the appointment of its new CEO
  • Vik Bansal will be joining the company in December

The Boral Limited (ASX: BLD) share price is charging higher on Wednesday morning.

At the time of writing, the building products company’s shares are up 6% to $3.03..

Why is the Boral share price rising?

The Boral share price is lifting today after the company announced the appointment of its new CEO.

According to the release, Boral has made the controversial decision to name Vik Bansal as its new leader, effective on or before 5 December.

Last year, Mr Bansal stepped down from the role of CEO of waste management company Cleanaway Waste Management Ltd (ASX: CWY) amid a scandal which saw him accused of creating a culture of workplace bullying. This overshadowed an otherwise highly successful six years at Cleanaway.

Zlatko Todorcevski will remain in the CEO role until transition to Mr Bansal is completed.

‘The right leader’

Boral’s Chairman, Ryan Stokes, was pleased with the appointment of Mr Bansal. He said:

Vik 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. “He is the right leader to guide the Company into a new era. Vik 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.

Mr Bansal said he was delighted to be appointed the leader of an “iconic” company. He commented:

Boral is an iconic and compelling business with great assets and a well-respected and motivated workforce. 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.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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