CSR names Julie Coates as new CEO
Construction materials company CSR has named Goodman Fielder managing director Julie Coates as chief executive and managing director, replacing the retiring Rob Sindel.
Ms Coates will start the role in September following the announcement last year that Mr Sindel would step down in 2019.
CSR chairman John Gillam said on Thursday that Ms Coates' appointment followed a comprehensive assessment of external and internal candidates.
"Julie has been been invited to take on this role because she is demonstrably the best person for this role," Mr Gillam told AAP.
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.
"I look forward to working alongside the many talented people at CSR and with customers to bring them new and better solutions," Ms Coates said on Thursday.
Ms Coates is currently a non-executive director at Coca-Cola Amatil.
She will take the reins as property market weakness fuels an uncertain near-term outlook for CSR, with the company neglecting to offer definitive earnings guidance in its full-year results this month.
Mr Gillam said Mr Sindel's diversification strategy would shield CSR somewhat from the volatility of the housing market.
"The apartment downturn... you're unable to dodge everything tgat's going on in the macro sector but we think it will have less of an impact because of the resilience that Rob has built in," Mr Gillam said.
"We've got a lot more of our business facing into commercial, into infrastructure and civil areas."
CSR this month reported a 59 per cent 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.
The company cut its final dividend by half a cent to 13 cents, partially franked.
Shares in CSR rose 1.34 per cent to $3.405 by 1032 AEST on Thursday, still down more than 36 per cent from $5.38 a year ago.
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