James Hardie chairwoman Anne Lloyd has expressed disappointment following her removal from the board, along with directors Rada Rodriguez and Peter John Davis. The ousting occurred after significant shareholder opposition, primarily related to the proposed $14 billion acquisition of Azek. James Hardie is a global building materials company, focused on fibre cement and gypsum products. The company’s products are used in a variety of applications, including new home construction, renovation, and commercial construction.
At the annual meeting in Dublin, Ireland, Lloyd acknowledged that over 67 per cent of proxy votes were cast against her re-election. Despite the outcome, Lloyd defended the Azek buyout, asserting its potential to generate long-term shareholder value. She stated that combining Azek with James Hardie was a strategic decision designed to promote growth and success.
“The board acknowledges the significance of these outcomes,” Lloyd said, referring to the departure of the three directors. She maintained that the board had consistently acted in the best interests of all James Hardie stakeholders. Despite the shareholder unrest, Lloyd remains confident in the company’s future prospects, stating, “We are poised to drive long-term growth and success.”