CSR managing director and chief executive Rob Sindel will quit within 12 months after a ‘difficult period’ in the building cycle during which the company’s share price halved and its troubled Viridian Glass business was put up for sale.
The construction materials provider said an internal and external search had begun for Mr Sindel’s successor after his eight years in the role, with an update expected when the company’s full-year results are reported in May.
‘I believe that next year will be the right time to hand over the leadership of the Company,’ Mr Sindel said in a release on Friday
‘I am reassured by the resilience within CSR’s core operations and there are exciting growth businesses within the expanded business products portfolio and the new digital platforms.’
CSR said Mr Sindel had guided the company through ‘a number of complex and substantial transactions, as well as a difficult period in the building cycle.’
CSR last month confirmed the sale of Viridian and a site at Dendenong to Crescent Capital Partners for $155 million, a deal expected to be completed by February 2019.
CSR had flagged Viridian for a potential sale earlier this year and in November reported a 77 per cent fall in half-year profit on the back of nearly $76 million in impairments to the glass business.
On Friday it was announced the company will drop out of the ASX/100 on December 24.
CSR shares were last trading at $2.81, down 51 per cent from May’s 10-year high of $5.74.