James Hardie Industries plc Announces CFO Resignation
25 Agosto 2019 - 9:35PM
Business Wire
James Hardie Industries plc (ASX: JHX) announced today that Mr
Matthew Marsh, Chief Financial Officer (CFO) and Executive Vice
President – Corporate, has resigned to pursue other
opportunities.
James Hardie’s CEO, Dr Jack Truong, noted, “I want to thank Matt
for his contributions to James Hardie over the past six years and
wish him the best of luck in his future endeavors.”
The company also announced today the appointment of Ms Anne
Lloyd as the company’s Interim CFO, effective immediately. Ms
Lloyd, an experienced corporate and finance executive, has been a
member of the company’s Board of Directors since November 2018.
Previously, Ms Lloyd served as Chief Financial Officer of Martin
Marietta Materials, Inc. a leading supplier of aggregates and heavy
building materials, for over 12 years from June 2005 until her
retirement in August 2017. She joined Martin Marietta in 1998 and
served in a number of corporate finance roles prior to becoming
CFO, including Controller, Chief Accounting Officer and Treasurer.
Earlier in her career, Ms Lloyd spent 14 years with Ernst &
Young LLP (1984-1998), rising to senior manager and client service
executive for the natural resources, mining, insurance and
healthcare industries.
As Interim CFO, Ms Lloyd will report directly to the CEO and
continue to serve on the Board of Directors, but will no longer
serve as a member of the Audit Committee. All of Mr Marsh’s
previous direct reports will report directly to Ms Lloyd with the
exception of Mr Jason Miele, Vice President – Investor and Media
Relations; Mr Miele will report directly to Dr Truong.
Dr Truong commented, “Anne’s significant executive experience
and her knowledge of James Hardie as a Board member for the past
year provides the Company with a strong leader to ensure seamless
continuity while we conduct our search for a new CFO who will help
lead the strategic growth initiatives of the company going
forward.”
The search for a new CFO will commence immediately.
Forward Looking Statements
This Media Release contains forward-looking statements. James
Hardie Industries plc (the “Company”) may from time to time make
forward-looking statements in its periodic reports filed with or
furnished to the Securities and Exchange Commission, on Forms 20-F
and 6-K, in its annual reports to shareholders, in offering
circulars, invitation memoranda and prospectuses, in media releases
and other written materials and in oral statements made by the
Company’s officers, directors or employees to analysts,
institutional investors, existing and potential lenders,
representatives of the media and others. Statements that are not
historical facts are forward-looking statements and such
forward-looking statements are statements made pursuant to the Safe
Harbor Provisions of the Private Securities Litigation Reform Act
of 1995.
Examples of forward-looking statements include:
- statements about the Company’s future performance;
- projections of the Company’s results of operations or financial
condition;
- statements regarding the Company’s plans, objectives or goals,
including those relating to strategies, initiatives, competition,
acquisitions, dispositions and/or its products;
- expectations concerning the costs associated with the
suspension or closure of operations at any of the Company’s plants
and future plans with respect to any such plants;
- expectations concerning the costs associated with the
significant capital expenditure projects at any of the Company’s
plants and future plans with respect to any such projects;
- expectations regarding the extension or renewal of the
Company’s credit facilities including changes to terms, covenants
or ratios;
- expectations concerning dividend payments and share
buy-backs;
- statements concerning the Company’s corporate and tax domiciles
and structures and potential changes to them, including potential
tax charges;
- uncertainty from the expected discontinuance of LIBOR and
transition to any other interest rate benchmark;
- statements regarding tax liabilities and related audits,
reviews and proceedings;
- statements regarding the possible consequences and/or potential
outcome of legal proceedings brought against us and the potential
liabilities, if any, associated with such proceedings;
- expectations about the timing and amount of contributions to
Asbestos Injuries Compensation Fund (AICF), a special purpose fund
for the compensation of proven Australian asbestos-related personal
injury and death claims;
- expectations concerning the adequacy of the Company’s warranty
provisions and estimates for future warranty-related costs;
- statements regarding the Company’s ability to manage legal and
regulatory matters (including but not limited to product liability,
environmental, intellectual property and competition law matters)
and to resolve any such pending legal and regulatory matters within
current estimates and in anticipation of certain third-party
recoveries; and
- statements about economic conditions, such as changes in the US
economic or housing recovery or changes in the market conditions in
the Asia Pacific region, the levels of new home construction and
home renovations, unemployment levels, changes in consumer income,
changes or stability in housing values, the availability of
mortgages and other financing, mortgage and other interest rates,
housing affordability and supply, the levels of foreclosures and
home resales, currency exchange rates, and builder and consumer
confidence.
Words such as “believe,” “anticipate,” “plan,” “expect,”
“intend,” “target,” “estimate,” “project,” “predict,” “forecast,”
“guideline,” “aim,” “will,” “should,” “likely,” “continue,” “may,”
“objective,” “outlook” and similar expressions are intended to
identify forward-looking statements but are not the exclusive means
of identifying such statements. Readers are cautioned not to place
undue reliance on these forward-looking statements and all such
forward-looking statements are qualified in their entirety by
reference to the following cautionary statements.
Forward-looking statements are based on the Company’s current
expectations, estimates and assumptions and because forward-looking
statements address future results, events and conditions, they, by
their very nature, involve inherent risks and uncertainties, many
of which are unforeseeable and beyond the Company’s control. Such
known and unknown risks, uncertainties and other factors may cause
actual results, performance or other achievements to differ
materially from the anticipated results, performance or
achievements expressed, projected or implied by these
forward-looking statements. These factors, some of which are
discussed under “Risk Factors” in Section 3 of the Form 20-F filed
with the Securities and Exchange Commission on 21 May 2019 and
subsequently amended on 8 August 2019, include, but are not limited
to: all matters relating to or arising out of the prior manufacture
of products that contained asbestos by current and former Company
subsidiaries; required contributions to AICF, any shortfall in AICF
and the effect of currency exchange rate movements on the amount
recorded in the Company’s financial statements as an asbestos
liability; the continuation or termination of the governmental loan
facility to AICF; compliance with and changes in tax laws and
treatments; competition and product pricing in the markets in which
the Company operates; the consequences of product failures or
defects; exposure to environmental, asbestos, putative consumer
class action or other legal proceedings; general economic and
market conditions; the supply and cost of raw materials; possible
increases in competition and the potential that competitors could
copy the Company’s products; reliance on a small number of
customers; a customer’s inability to pay; compliance with and
changes in environmental and health and safety laws; risks of
conducting business internationally; compliance with and changes in
laws and regulations; currency exchange risks; dependence on
customer preference and the concentration of the Company’s customer
base on large format retail customers, distributors and dealers;
dependence on residential and commercial construction markets; the
effect of adverse changes in climate or weather patterns; possible
inability to renew credit facilities on terms favorable to the
Company, or at all; acquisition or sale of businesses and business
segments; changes in the Company’s key management personnel;
inherent limitations on internal controls; use of accounting
estimates; the integration of Fermacell into our business; and all
other risks identified in the Company’s reports filed with
Australian, Irish and US securities regulatory agencies and
exchanges (as appropriate). The Company cautions you that the
foregoing list of factors is not exhaustive and that other risks
and uncertainties may cause actual results to differ materially
from those referenced in the Company’s forward-looking statements.
Forward-looking statements speak only as of the date they are made
and are statements of the Company’s current expectations concerning
future results, events and conditions. The Company assumes no
obligation to update any forward-looking statements or information
except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20190825005025/en/
Media/Analyst Enquiries: Jason Miele Vice President,
Investor & Media Relations Telephone: +61 2 8845 3352
Email: media@jameshardie.com.au
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