James Hardie Industries plc removed chair Anne Lloyd and directors Rada Rodriguez and Peter‑John Davis at its annual general meeting on October 29, 2025, after shareholders voted against their re‑election.
The board changes followed the company’s $14 billion acquisition of The AZEK Company, announced in March 2025 and completed on July 1, 2025. Investors criticized the timing and valuation of the deal, arguing that the board proceeded without a shareholder vote.
New directors Howard Heckes, Gary Hendrickson and Jesse Singh were elected to the board. The election reflects a shift toward a governance structure that investors believe will better manage the integration of AZEK’s outdoor‑living portfolio.
Shareholders also rejected proposals to increase director pay and opposed a significant compensation package for CEO Aaron Erter. In addition, a securities class action lawsuit alleges that the company made false statements about its North American sales performance, and the company’s earnings per share for the twelve months ending June 30, 2025 fell 33.6% year‑over‑year.
The board purge signals a reassessment of James Hardie’s strategy, with a renewed focus on material conversion and the integration of AZEK’s product lines amid competition from firms such as Trex. The company’s management has stated that it will continue to pursue growth opportunities while addressing the governance concerns raised by investors.
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