Boss to quit but CSR in sweet spot

BUILDING materials company CSR is on the hunt for a new chief executive after Rob Sindel announced his intention to step down within the next 12 months.

Mr Sindel, who has been in the top job for eight years, said next year would be the “right time” to hand over the reins.

“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,” Mr Sindel said.

“The extensive property assets will drive significant value for shareholders over many years and CSR’s strong balance sheet will underpin future success.”

CSR chairman John Gillam said Mr Sindel would be leaving the company in a healthy position.

“Rob has been an outstanding CEO,” Mr Gillam said.

“He is extremely well regarded throughout the organisation as well as the industry.

“Under his leadership, the company’s financial performance has improved dramatically, and he has set CSR up for success by building a more resilient business through diversification of building products’ earnings and the property portfolio.

“The company is well placed to move into the next chapter of its growth.”

Mr Gillam said the board would be considering both internal and external candidates for the vacancy and there would be an update by May.

Last month, the company announced it had sold its struggling Viridian Glass business to private equity firm Crescent Capital Partners for $155 million. CSR expected to realise a pre-tax loss of between $20 million and $30 million in the financial year through March 2019, it said.