Industrial building materials company James Hardie Industries has announced the appointment of a new Chief Executive Officer.
The board of directors determined that a structured transition and a six month handover period would be in the best interest of the company’s shareholders.
During this time, Mr Gries will remain in the CEO role and Dr Truong will become President and Chief Operating Officer.
James Hardie Chairman Michael Hammes said the board selected Dr Truong following a rigorous and extensive process that included a strong field of internal candidates.
“The decision considered the transition from Louis’ immensely successful 13-year tenure as CEO of James Hardie and the requirement for the incoming candidate to possess strong operational experience and industry knowledge,” Mr Hammes said.
“Jack offers the ideal combination of commercial expertise, operational excellence, and leadership in order to continue to grow the business and maintain the industry-leading performance, across multiple geographies, established by Louis over a long period.”
Dr Truong said he was honoured to be selected for the role of CEO.
“I have had the privilege of working with him for the last couple of years in positioning James Hardie for significant international growth in Asia Pacific and Europe,” he said.
“Louis’ depth of industry expertise is unrivalled and I look forward to having his knowledge available to me during the transition.”
Mr Gries said it was a privilege to work for James Hardie for the past 27 years.
“I am particularly proud of the establishment of the Asbestos Injury Compensation Fund in 2007, the establishment and execution of our 35/90 strategy in North America and more recently the strategic acquisition of Fermacell which positions the Company for long-term growth in Europe,” he said.
“In Jack we have a strong and capable executive to lead James Hardie’s strategic direction, and the company’s operational and financial performance into the future. I hope to be of great value in my ongoing support of Jack.”