New employment agreement for Boral CEO

Restructured remuneration package for chief executive officer and managing director Mike Kane 

BORAL Ltd have entered into a new employment agreement with their chief executive officer and managing director, Mike Kane.

Company chairman Dr Brian Clark said the board was very pleased that Mr Kane would remain in his current role and continue to lead and deliver Boral’s transformation strategy.

‘Over the past five years under Mike’s leadership, Boral have delivered significant earnings growth and performance improvements.

‘Boral have been transformed into a company with a larger international footprint that is positioned to deliver strong returns, capture future growth opportunities, and effectively respond to market conditions and customer needs,’ said Dr Clark.

Mr Kane’s remuneration arrangements have been restructured to reflect the fact that he is now spending approximately half of his time in the US, as announced on 5 May 2017 following completion of the Headwaters acquisition.

‘The time that Mike will spend in the US during the Headwaters integration and synergy delivery demonstrates the importance of this strategic acquisition to Boral’s future growth.

‘Boral is an Australian-listed company with its headquarters in Sydney, and Boral will continue to remunerate Mr Kane having regard to Australian practice. 

‘However, because Mike will be spending around half of his time with Boral’s business in the US in the coming years, and because his family is in the US, it makes good sense for the company and for Mike to restructure his remuneration,’ said Dr Clark.

The restructured arrangements mean that Boral will pay Mr Kane out of the US and the company will resume contributions to his US-based pension.

In addition, Boral will no longer need to provide Mr Kane with expatriate benefits, including rental assistance in Sydney and home visit support. As a result, the Mr Kane’s non-monetary benefits will substantially reduce.