James Hardie announces CEO transition
Jack Truong will succeed Louis Gries as CEO at the end of the company's 2019 fiscal year.
James Hardie Industries reported that Dr. Jack Truong will succeed CEO Louis Gries as CEO of the building products manufacturer.
Truong is currently the company’s president of international business and has held the position since April 2017. He will continue to be based out of North America and will be formally appointed CEO toward the end of the company’s 2019 fiscal year next spring.
The company said its board of directors determined that a structured transition, taking place over the next six months or so, was in the best interest of shareholders. During this period, Gries will remain CEO and Truong will become company president and chief operating officer, while running James Hardie’s global business. Truong’s current responsibility includes the Asia Pacific Fiber Cement and Europe Building Products businesses.
“The board has selected Jack following a rigorous and extensive process that included a strong field of internal candidates,” said James Hammes, chairman of James Hardie. “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.”
According to Hammes, Truong offers the ideal combination of commercial expertise, operational excellence, and leadership in order to continue to grow its business across multiple regions.
Gries joined James Hardie in 1991, becoming CEO in February 2005.
“It has been a privilege to work for James Hardie the past 27 years and to have the opportunity to lead the company over the last 13 years,” Gries said. “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.
Prior to James Hardie, Truong was the president and CEO of appliance maker Electrolux North America. Truong also had a 22-year career at 3M, where he held senior leadership roles throughout the United States, Europe and Asia-Pacific.
Truong is an engineer and inventor, earning his PhD in chemical engineering from the Rensselaer Polytechnic Institute in New York. He is the recipient of 11 U.S. patents and several international patents.
Fueled by sales in North America, last month James Hardie reported group net sales of $651 million for its first quarter 2019, an increase of 28% compared to compared to group net sales of $507.7 million for the same period a year ago.
Truong is currently the company’s president of international business and has held the position since April 2017. He will continue to be based out of North America and will be formally appointed CEO toward the end of the company’s 2019 fiscal year next spring.
The company said its board of directors determined that a structured transition, taking place over the next six months or so, was in the best interest of shareholders. During this period, Gries will remain CEO and Truong will become company president and chief operating officer, while running James Hardie’s global business. Truong’s current responsibility includes the Asia Pacific Fiber Cement and Europe Building Products businesses.
“The board has selected Jack following a rigorous and extensive process that included a strong field of internal candidates,” said James Hammes, chairman of James Hardie. “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.”
According to Hammes, Truong offers the ideal combination of commercial expertise, operational excellence, and leadership in order to continue to grow its business across multiple regions.
Gries joined James Hardie in 1991, becoming CEO in February 2005.
“It has been a privilege to work for James Hardie the past 27 years and to have the opportunity to lead the company over the last 13 years,” Gries said. “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.
Prior to James Hardie, Truong was the president and CEO of appliance maker Electrolux North America. Truong also had a 22-year career at 3M, where he held senior leadership roles throughout the United States, Europe and Asia-Pacific.
Truong is an engineer and inventor, earning his PhD in chemical engineering from the Rensselaer Polytechnic Institute in New York. He is the recipient of 11 U.S. patents and several international patents.
Fueled by sales in North America, last month James Hardie reported group net sales of $651 million for its first quarter 2019, an increase of 28% compared to compared to group net sales of $507.7 million for the same period a year ago.
