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- Adbri (ABC) CEO and Managing Director Nick Miller resigns, effective from tomorrow
- The company has now appointed senior executive Mark Irwin as interim CEO, who they believe will lead the company through several measures to improve operating conditions
- Adbri will soon commence an “extensive recruitment process” for a permanent CEO
- The news comes as the company continues to face inflationary pressures and earnings impacted by ongoing wet weather conditions
- Shares in Adbri are down 20.9 per cent and trading at $1.46 at 3:08 pm AEDT
Building giant Adbri (ABC) has appointed experienced senior executive Mark Irwin as its interim CEO following the resignation of current CEO and Managing Director Nick Miller.
Mr Miller will also step down as Director and has begun transitioning his executive responsibilities to Mr Irwin.
The board determined it was the appropriate time for a leadership change, thanking Mr Miller for his services, especially during the challenges of COVID-19.
“On behalf of the board, I would like to thank Nick for his contribution to Adbri over the past few years,” Chair Raymond Barro said.
“We welcome Mark Irwin as interim CEO, [he] brings considerable experience to Adbri from senior executive roles within some of Australia’s leading listed industrial companies.
“Mark’s immediate priorities upon joining will be driving our commercial performance in all end markets to improve margins and offset cost pressures, while accelerating our cost reduction and operational efficiency initiatives.”
Mr Irwin’s focus will be on capital deployment to ensure efficiency and effectiveness in the current environment.
His remuneration package includes a fixed annualised salary of $1.35 million for a period of six months.
Adbri will soon commence an “extensive recruitment process” for a permanent CEO.
Meanwhile, the company has taken actions to address the inflationary pressures on Adbri in its trading update to the ASX and its shareholders.
The company said earnings have continued to be impacted by ongoing wet weather conditions and an escalation of input and operational costs.
It expects to record an underlying net profit after tax of around $75 million to $85 million for the full year, ending December 31.
The board believes that the appointment of Mr Irwin as interim CEO will accelerate Adbri’s ability to deliver these initiatives in the current, volatile environment.
Shares in Adbri were down 20.9 per cent and trading at $1.46 at 3:08 pm AEDT.
