Boral names Matt McKenzie as new CEO for next phase of growth, outgoing boss Vik Bansal to join SGH board

Vik Bansal, the man credited with transforming Boral into a leaner, Australia-focused building materials business, is giving up the job of chief executive but will remain a key part of its next phase of growth.

SGH-owned Boral announced on Monday that chief operating officer Matt McKenzie would step into Mr Bansal’s role from April 1.

Mr Bansal will join the SGH board on the same day.

SGH said he had led Boral through a significant period of transformation and performance improvement.

“He took over a business that needed fundamental change and delivered a stronger, more focused performance-orientated company,” said SGH managing director Ryan Stokes.

“He leaves Boral in an excellent position to continue delivering on its potential.”

Boral was the standout performer for SGH in its latest set of financial results, delivering earnings before interest and tax growth of 10 per cent to $284m. It is now eyeing growth in WA as the State grapples with an unprecedented housing supply crisis.

Mr McKenzie was named COO less than a year ago as part of the planned succession process.

Before that he was executive general manager, concrete and quarries (South). Prior to joining Boral he held general management roles at Cleanaway and Oracle Utilities and spent 14 years at GE across a range of operational and executive positions.

Mr Stokes said he was the right leader for this next phase of Boral’s growth.

“He knows this business deeply, has been central to the operational momentum we have built, and has the experience and discipline to take it further,” he said.

Mr Bansal said he was proud of what Boral had achieved and would leave “with great confidence in the business and in the leadership that will take it forward”.