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Why is the James Hardie share price having such a stellar end to the week?

What did James Hardie reveal to the market today?

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Monica O'Shea
Monica is a journalist with experience working for Daily Mail Australia in Sydney and the Port Pirie Recorder and the Flinders News in South Australia. Monica completed a journalism cadetship in 2013. She also hold a B.Science (Biotechnology) with Honours from the University of Adelaide. Monica has worked in government at the local, state and federal level. Monica has a keen interest in finance and the share market and enjoys exploring the highs and lows. When not writing for Motley Fool Australia, Monica enjoys travel, sport, music, and likes to play the violin in her spare time.
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Key points
  • The James Hardie share price is rising 1.42% today 
  • The company has hired a new CEO  
  • The James Hardie share price has fallen 37% in the past twelve months 

The James Hardie Industries Plc (ASX: JHX) share price is in the green today.

The global fibre cement company's share price is currently trading at $33.68, a 1.42% gain. For perspective, the S&P/ASX 200 Index (ASX: XJO) is down 0.03% today.

Let's take a look at why the James Hardie share price could be lifting today.

A man in his 30s holds his laptop and operates it with his other hand as he has a look of pleasant surprise on his face as though he is learning something new or finding hidden value in something on the screen.

Image source: Getty Images

New CEO

Investors appear to be buying up James Hardie shares on news the company has hired a new CEO.

Aaron Erter will commence in the top job immediately and will be based in Chicago.

Erter joins James Hardie after a two-year stint with PLZ Corp, a North American aerosol and liquid product manufacturer.

Erter said he has "long admired James Hardie" and sees the new role as a "tremendous opportunity. He added:

I have been fortunate to work for some world-class organizations in my career, and I am confident that my experience and expertise align with what James Hardie needs in a leader.

He has an economics degree from the University of Pennsylvania and an MBA from the University of Notre Dame.

Deputy chairperson and chairperson elect Anne Lloyd said:

I am pleased to welcome Aaron to James Hardie as I transition into the Chairperson role in November. It is an energising period for the organization as we continue to drive profitable growth globally.

Jack Truong exited the company in January and appointed Harold Wiens as interim CEO. James Hardie is forecasting an adjusted net income of between US$730 and US$780 million in 2023.

James Hardie share price snapshot

The James Hardie share price has fallen 37% in the past twelve months and 39% in the year to date.

For perspective, the ASX 200 has lost nearly 9% in the past year.

James Hardie has a market capitalisation of $15 billion based on the current share price.

Motley Fool contributor Monica O'Shea has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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