(Reuters) – James Hardie Industries PLC <JHX.AX>, the world’s top fiberboard maker, said on Friday that Jack Truong, president of the company’s international businesses, will replace Chief Executive Louis Gries.
Truong’s appointment as chief executive will become effective toward the end of the firm’s 2019 fiscal year, at which time Gries will leave the board, the firm said in a statement.
The appointment signals an end to Gries’ more than 13-year term at the helm of the fiberboard maker, which records a majority of its sales in North America.
Truong currently runs James Hardie’s Asia Pacific fiber cement business and its Europe building products business.
James Hardie said its board has set a handover period of about six months, during which Truong will become president and chief operating officer and run the group’s global business. Gries will remain as chief executive during the handover.
Gries was appointed to lead the firm in February 2005 and has overseen a surge in its market capitalisation from less than A$3 billion (1.67 billion pounds)to A$9.21 billion ($6.63 billion).
However, ASX-listed James Hardie shares ended Thursday at A$20.87, down about 7.7 percent this year.
(Reporting by Aaron Saldanha in Bengaluru; editing by Diane Craft)