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Highlights:
- Adbri shares were trading at AU$1.47 apiece, down 20.11% on ASX at 2:02 PM AEDT.
- The company informed that its managing director and CEO, Nick Miller would leave his roles.
- Miller’s responsibilities will be handled by Mark Irwin, as he is appointed as interim CEO.
Lime and construction material producer, Adbri Limited (ASX:ABC) on Monday (17 October 2022) shared that its managing director and chief executive officer – Nick Miller- will leave the organisation. In addition to this, the company has shared a trading update.
Adbri’s share price dropped 20.11% at 2:02 PM AEDT to trade ta AU$1.47 per share. Meanwhile, ASX 200 materials index (INDEXASX:XMJ) was down 2.39% to 15,442.20 points.
Who will be the new CEO of Adbri?
Adbri informed the market that Mark Irwin, an experienced senior executive, has been appointed as interim CEO, and he would take up the responsibilities of Miller from tomorrow.
Raymond Barro, Adbri chair, highlighted that Mark carries substantial experience across Australian listed industrial companies like GrainCorp, Transfield, Asciano, BHP and OZ Minerals.
Mark carries ASX-listed CEO experience when he was in GrainCorp. Reportedly, at that time, the company was going through significant industry change.
He has considerable strategic and commercial experience in enterprise-wide-transformations, large-scale projects and mergers and acquisitions, the company shared.
Barro added,
Reportedly, soon the company would undertake an extensive recruitment process for the CEO.
Trading update
As per the company’s release, the earnings of Adbri have continued to be affected by wet weather conditions, which is increasing operational and input costs and affecting cost and volume.
For the full year, ending on 31 December 2022, the company expects to report an underlying net profit after tax of AU$75 million to AU$85 million. This does not include property and significant items.
Adbri said that the demand environment is robust, but the ongoing inflationary headwinds, extreme rainfall in the nation and diesel and energy costs continuously impact margins.
Adbri share price snapshot
Adbri's share price has fallen 54.35% in the past 12 months. On a year-to-date basis, it has dropped 49.13%. In the last six months, it has fallen 50%, and in a month, it has dropped 27.59%. The share price has declined 19.89% in the past five trading sessions.
