Building and construction products group, CSR has looked outside the company for its new CEO to replace Rob Sindel who departs later this year.
The board of CSR has chosen Goodman Fielder managing director Julie Coates as the new CEO who will start in the new role in September.
Ms. Coates will start the role in September following the announcement last year that Mr. Sindel would step down in 2019.
Prior to food manufacturer Goodman Fielder, Ms. Coates spent 12 years at Woolworths in a variety of senior executive roles including chief logistics officer, human resources director and managing director of Big W. She’s currently also a non-executive director at Coca-Cola Amatil.
CSR chairman John Gillam said in Thursday’s statement that Ms. Coates’ appointment followed a comprehensive assessment of external and internal candidates.
Ms. Coates will take the reins as property market weakness fuels an uncertain near-term outlook for CSR. The company this month reported a 59 percent drop in full-year profit to $78 million on the back of higher power prices and losses linked to the sale of its troubled glass business.
Shares in CSR lost a cent or 0.3% to $3.36 yesterday, down 36% from a year ago, but up 14% year to date.
Ms. Coates base salary will be $1.15 million a year plus incentive payments up to a maximum of 120% times her base salary (100% maximum in her first year). She will receive 400,000 CSR shares to make up for the Woolworths shares she forfeited. These currently have a value of $1.3 million. These will vest on September 2, 2022, provided Ms. Coates is still an employee of Woolworths.