The upper management of James Hardie Industries (ASX: JHX) has been in turmoil over the last two sessions.
The company’s now-former CEO Jack Truong was shown the door on Friday amid continued employee complaints about his behaviour. He has reportedly spoken out on his sacking this morning, disputing the company’s claims.
In more positive news, James Hardie’s leadership team has welcomed a new face today.
At the time of writing, the James Hardie share price is $51.305, down 0.46% from its previous close.
For context, the S&P/ASX 200 Index (ASX: XJO) has slipped 0.07% this morning.
Let’s take a closer look at what’s going on with the building products company.
What’s the latest on James Hardie’s leadership spill?
The James Hardie share price suffered on Friday after the company announced it sacked its CEO following complaints of Truong’s conduct despite him being provided “support for sincere change”.
According to reporting by Reuters, “dozens” of the company’s executives had threatened to leave their positions as a direct result of interactions with Truong.
Truong had held the top position since early 2019.
Today, the former CEO disputed claims his management style was “intimidating [and] threatening”, according to reporting by the Sydney Morning Herald.
The publication quoted Truong as saying he was “blindsided by the termination” and he “unequivocally reject[s] the assertions made by [James Hardie chair] Mr Hammes and the company”.
Harold Wiens has been appointed as interim CEO of James Hardie in the wake of the drama. Wiens has sat on the company’s board since May 2020.
There was also another appointment announced today, with the company welcoming a new chief technology officer (CTO).
Dr Joe Liu has taken the position after spending 26 years with 3M Company. There, Liu held roles in research and development, as well as in commercial and international management.
According to James Hardie, he will use his knowledge to commercialise new products for the company.
Right now, the James Hardie share price is 4.56% lower than it was at Thursday’s close. Though, it’s still 39% higher than it was this time last year.
The post James Hardie (ASX:JHX) management shakeup continues. Here’s what you should know appeared first on The Motley Fool Australia.
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- James Hardie (ASX:JHX) share price on watch after CEO kicked out
Motley Fool contributor Brooke Cooper 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 Bruce Jackson.
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