Shares in Value Logo
Product Review Img Vertical

Date : 07/01/2022

James Hardie Share Price Tumble On ASX As CEO Exit

What Will Be The Next Move From James Hardie Board?

The James Hardie (ASX: JHX) share price is on watch this Friday. Hence, this follows news that there has been a surprise and immediate change in the building products company’s board.

James Hardie has announced the exit of its chief executive officer, Jack Truong, with immediate effect. According to the release, Mr Truong has had his employment terminated after employees raised concerns about his work-related interactions. The release explains that the James Hardie Board undertook extensive due diligence. This included retaining outside counsel and a third-party consultant.

Although, based on additional employee complaints, the Board undertook further due diligence. After which, the Board ultimately concluded that Mr Truong’s behaviour breached the company’s Code of Conduct.

The James Hardie Board advised that it took this action to uphold the company’s core values and to maintain the continuity of the management team that has been instrumental in its transformation.

Interim CEO appointed

James Hardie is appointing Mr Harold Wiens as its Interim CEO. Harold has been an independent non-executive director since May 2020 following a career with 3M Company where he led several of its largest business segments based in the USA, Asia, and Europe.

Due to this significant event, James Hardie shares lost 4%. Nevertheless, over the last twelve-month period, JHX gained an impressive 41%. This corroborates with the company’s upgrading of its guidance for FY22.

James Hardie expects FY22 adjusted net income to be between US$605 million and US$625 million. This compared to the prior guidance of US$580 million and US$600 million. This new guidance represents an increase of 32% to 36.5% recorded in the prior corresponding period.

Chart, line chart Description automatically generated

Regarding its share price performance, JHX did pretty well over the last rolling twelve-month. Indeed, JHX outperformed its peers Brickworks (ASX: BKW) and Adbri Ltd (ASX: ABC) by far. Brickworks gained more than 28% whilst James Hardie appreciated by 41%. On the other hand, Adbri shares depreciated by -12%.


Are You Looking To Buy The Best Stocks In 2024?

Stay on top of upcoming market trends! Whether you are an SMSF investor or a young investor with your portfolio, we cover a wide range of stocks across all sectors, including mining, financials, industrials, real estate, technology, health and biotech, etc. It will give you an edge to invest and trade ASX listed stocks across large, mid and small caps with an advantage.

Get stock tips with our Market Experts. We help self-directed investors and self-managed super funds (SMSF) make smarter investment decisions and get better returns. Fill in your details and download your free Report instantly for Top 3 Dividend Stocks to buy in 2024!


Top 5 ASX Stocks
to Buy for Capital Growth in 2024

Shares In Value - Top 5 ASX Stocks to Buy - Cover 2024
The hardest part to finding growth stocks is having an ability to understand the finer details of these companies from their valuations through to first mover advantage and having key factors on hand to make informed investment decisions.

Our experts take the guesswork out.
ASX insight Stocks Landing

Download Your Free Report

By downloading this report, you agree to our terms and conditions and privacy policy

Scroll to Top


By submitting this form, I agree to the TERMS AND CONDITIONS and PRIVATE POLICY

Income Stocks - Blogs

Please fill in your details to download the free dividend shares report.

By downloading this report, you agree to our terms and conditions and privacy policy

Just 10 Seconds Away From Your Free Report!
Income Stocks - Popup Blog

Please fill in your details to download the free dividend shares report.

By clicking 'Download Report', I accept the Privacy Policy and Member Terms & Conditions.

We will send your report instantly. Please put your correct email address and phone number.