News: BLD UPDATE 1-Australia's Boral appoints former Cleanaway boss Vik Bansal as CEO

(Adds details on Bansal, Todorcevski)

June 8 (Reuters) - Australia's top construction materials maker Boral Ltd (BLD) on Wednesday appointed former boss of ASX-listed Cleanaway Waste Management (CWY) Vik Bansal as its chief executive officer and managing director.

Boral said industry veteran Zlatko Todorcevski, who was appointed in June 2020, will remain as its CEO until the transition to Bansal is complete on or before December 5 this year.

Bansal had previously headed Cleanaway from 2015 to 2021, during which he oversaw a period of significant shareholder returns. He is currently the CEO of steel manufacturing business InfraBuild.

The Sydney-listed company faces several hurdles in the near-future, with heavy rainfall in the states of New South Wales and Queensland hurting sales, and as higher inflation and energy costs pile pressure on margins. Last month, Boral warned that annual profit may come in nearly a third below expectations.

Todorcevski took the top job back when Boral grappled with a drop in sales due to the COVID-19 pandemic, as well as the fallout from accounting irregularities at its North American window-making business.

Under Todorcevski, Boral exited its operations in the United States, retreating from a seven-year global expansion strategy that saw a spree of offshore acquisitions leading to a hefty writedown in 2020.