The Australian building and construction company Boral Limited (BLD.AX) has seen a reshuffle of staff after being taken over by Seven Group Holdings in July last year. Beginning with a takeover in July prior by Seven Group Holdings, over the past 12 months, it has proceeded to dump $4 billion in assets, including its holdings in the U.S. As the company stands ready to refocus efforts on its home turf, it recently reported it would be hiring industrialist Vik Bansal as CEO to lead the charge.
Not surprisingly, shares for Boral rose nearly 15 percent on the news that Mr. Bansal would take over as CEO after the company reported disappointing earnings earlier this month. Mr. Bansal brings 20 years of experience as an executive in the US and Australia, including stints at companies such as Valmont Industries and OneSteel.
As a CEO, Banal has become renowned for his ability to increase shareholder value. During his six-year tenure at the waste management company Cleanaway the company increased to above 120 places on the ASX stock market index, becoming an Australian Stock Exchange (ASX) 100 company and increasing its price from under $1 billion to over $5 billion. He teamed up with steel producer and distributor InfraBuild in July 2021, reporting strong half-year results — net revenues grew 41% to $2.95 billion.
Vik Bansal is an Australian business executive who heads Infrabuild, a multinational steel manufacturer and recycler. He has worked in senior management roles at multiple companies, including the United States Steel Corporation and ArcelorMittal, where he served as vice president of corporate strategy and development. In addition to leading InfraBuild, Bansal serves as the board of directors chairperson for the Indian Institute of Technology Guwahati, a public university in India.
In conclusion, Bansal’s record of success in improving shareholder value makes him a perfect head for Boral, as he has been known to increase shareholder value in his previous positions. With Australia’s economy steadily improving, it is a shrewd move on Boral’s part to hire Bansal as their CEO, making a potential acquisition even more likely.
Vik Bansal’s: Twitter.