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(Reuters) – James Hardie (NYSE :), a former CEO of Industries, on Monday dismissed claims to the Australian construction materials giant’s concerns about his behavior and management style, saying he was “blinded” by his dismissal last week.
The world’s largest maker of fiber-cement products fired CEO Jack Truong on Friday, saying he was threatened with resigning by dozens of top executives, despite not being discriminatory, for violating his code of conduct.
Executive President Mike Hammes later said in a conference call that Truong had asked him to change his behavior but that “no honest change” had taken place.
“I was blinded by the rejection and I certainly rejected the claims made by Mr. Hammes and company,” Truong said in an email earlier Monday.
“I am proud … proud of the progress we have made in building a culture of inclusion and respect with our more than 5,000 dedicated staff. Based on the feedback from staff and customers, it was clear that they recognized our progress,” Truong said.
Truong’s departure was driven by a pandemic housing boom in James Hardie to record profits, highlighting the growing importance that companies place on executive behavior beyond profits and dividends.
Brokerage Citi said in a statement that it sees little reason to worry about Truong’s departure in the short term, but the company’s strategy may have a different meaning in the medium term when Hammes retires.
“With a new combination of CEO and president, investors should be open to making changes,” the brokerage said.
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