- Boral Limited (BLD) appoints Vik Bansal as its new CEO and Managing Director
- Currently the CEO of InfraBuild, Mr Bansal will move over to BLD on or before December 5, 2022
- He is set to receive an annual fixed salary of $1.5 million, inclusive of superannuation and salary sacrifice arrangements
- The company’s outgoing CEO, Zlatko Todorcevski, will remain in the role until the transition is complete
- Boral shares last traded at $2.86 on June 7
Materials stock Boral Limited (BLD) has appointed Vik Bansal as its new CEO and Managing Director.
Currently the CEO of InfraBuild, Mr Bansal will move over to BLD on or before December 5, 2022.
Prior to taking up the role at InfraBuild, Mr Bansal was CEO of Cleanaway between 2015 and 2021.
Overall, the incoming CEO has more than 30 years of leadership experience in industrial organisations, and Boral said it believed he could deliver improvements across financial and operational metrics, with a demonstrated ability to impact performance in a relatively short amount of time.
Mr Bansal will receive an annual fixed salary of $1.5 million, inclusive of superannuation and salary sacrifice arrangements. His appointment is on an ongoing basis and he will serve a six-month probation period.
The company’s outgoing CEO, Zlatko Todorcevski, will remain in the role until the transition is complete.
Boral Chairman Ryan Stokes thanked Mr Todorcevski for his contribution to the business and for continuing to lead the company during this transition.
“Over the last two years, Zlatko has overseen significant change, including a roadmap for the company’s transformation, the successful sale of non-core assets and the return of proceeds to investors,” Mr Stokes said.
Commenting on his departure, Mr Todorcevski said he was proud of what the team had achieved over the last two years and thanked the board for the opportunity to serve as CEO.
Moving forward, Mr Stokes said the new CEO was 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.”
Boral shares last traded at $2.86 on June 7.