Boral’s Belinda Shaw exits as CFO after one year and will be replaced by Stefan Camphausen

The construction materials business majority controlled by billionaire Kerry Stokes will get a fourth CFO in as many years after Belinda Shaw quit.

Boral will have its fourth chief financial officer in as many years following the resignation of Belinda Shaw after a year in the role to spend more time with her family.

Ms Shaw had been tasked by the company to oversee a multi-year business improvement strategy which has helped to improve the financial fortunes of the company and driven shares up 60 per cent in the past year.

In a statement published by the construction materials group to the ASX, Ms Shaw said after “considerable reflection” she made the decision it is in the best interest of her young family.

“I am proud of my contribution to Boral and am grateful to Vik for his support and understanding. I would like to thank my peers and the Board for the opportunity to be part of Boral’s ‘Good to Great’ journey and I am committed to ensuring a seamless and successful CFO transition,” she said in a statement.

She will be replaced by Bapcor CFO Stefan Camphausen, whose own resignation was announced on Wednesday by the autoparts group after less than two years in the role.

The news was received well by investors with shares in Boral closing up 0.9 per cent to $5.38 per share. Boral is 70 per cent controlled by billionaire Kerry Stokes’ Seven Group.

Seven Group controls the majority of shares in Boral. Pictured is chief executive Ryan Stokes. Picture: Nikki Short

Boral chief executive Vik Bansal said in an internal email seen by The Australian the group had tried to help Ms Shaw strike a balance between her work commitments and having three children under age 10.

“For some months now we have been assisting and exploring options to balance the admittedly difficult demands placed on the CFO of a large ASX-listed company plus the additional overlay of a multi-year business improvement strategy, with the commitments that come with her young family,” he said.

“I appreciate that this final decision was very difficult for her and required much thought and consideration of the support and options provided, including other roles in Boral. While I’m disappointed, I fully support and respect Belinda’s decision. I thank her for her contribution, support and friendship.”

Ms Shaw will hand down next month’s half-year results and remain in the role until an exact start date for Mr Camphausen is confirmed, which Boral said may not be until July.

Mr Camphausen will be the fourth CFO at Boral since 2020. Ms Shaw took over from former Qantas executive Tino La Spina who left in late 2022 after he fell victim to cost cutting at the cement giant after just 18 months in the role.

Mr La Spina in turn replaced Rosaline Ng who served as CFO between September 2013 and October 2020.

Prior to Bapcor, Mr Camphausen was CFO of CIMIC group and held the same role at CPB Contractors and Thiess, along with senior finance roles at Hochtief in Europe.

Boral had been a perennial underperformer before Stokes bought in, installed new management, divested about $4bn of assets including a failed foray into fly ash in the US, and shifted the focus back to Australia.

The company has since started to turn its fortunes around by earning more money on every customer dollar by passing on cost hikes in a high inflationary environment and standardising practices across the business.

In November, Boral upgraded the construction supplies giant’s earnings forecast after a better than expected result over July-October. It now expects 2023-24 underlying earnings before interest and tax (EBIT) to be in the range of $300m-$330m — above the previous guidance given on August 10 of $270m-$300m.

The company said the improved financial result for July-October was achieved through price traction and cost management across each of its businesses.

Originally published as Boral’s Belinda Shaw exits as CFO after one year and will be replaced by Stefan Camphausen