Why is the James Hardie share price having such a stellar end to the week?

The James Hardie Industries Plc (ASX: JHX) share price is in the green today.

The global fibre cement company’s share price is currently trading at $33.68, a 1.42% gain. For perspective, the S&P/ASX 200 Index (ASX: XJO) is down 0.03% today.

Let’s take a look at why the James Hardie share price could be lifting today.

New CEO

Investors appear to be buying up James Hardie shares on news the company has hired a new CEO.

Aaron Erter will commence in the top job immediately and will be based in Chicago.

Erter joins James Hardie after a two-year stint with PLZ Corp, a North American aerosol and liquid product manufacturer.

Erter said he has “long admired James Hardie” and sees the new role as a “tremendous opportunity. He added:

I have been fortunate to work for some world-class organizations in my career, and I am confident that my experience and expertise align with what James Hardie needs in a leader.

He has an economics degree from the University of Pennsylvania and an MBA from the University of Notre Dame.

Deputy chairperson and chairperson elect Anne Lloyd said:

I am pleased to welcome Aaron to James Hardie as I transition into the Chairperson role in November. It is an energising period for the organization as we continue to drive profitable growth globally.

Jack Truong exited the company in January and appointed Harold Wiens as interim CEO. James Hardie is forecasting an adjusted net income of between US$730 and US$780 million in 2023.

James Hardie share price snapshot

The James Hardie share price has fallen 37% in the past twelve months and 39% in the year to date.

For perspective, the ASX 200 has lost nearly 9% in the past year.

James Hardie has a market capitalisation of $15 billion based on the current share price.

The post Why is the James Hardie share price having such a stellar end to the week? appeared first on The Motley Fool Australia.

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Motley Fool contributor Monica O’Shea 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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