Kevin Gluskie turned down Boral’s top job, sources say

Heidelberg Cement's Kevin Gluskie. Picture: Supplied

Adelaide Brighton deputy chairman Zlatko Todorcevski may be the successful candidate for the role as chief executive of Boral, but it is believed that another high-profile industry executive was also in the sights of board members from the country’s largest building materials operator.

There is talk in the market that Kevin Gluskie was also approached for the job to replace Boral’s current boss Mike Kane, but turned the opportunity down to continue with his role running the Asia-Pacific operations for Heidelberg Cement.

The Tasmanian-born executive who studied engineering and holds an MBA is also a member of Heidelberg Cement’s managing board and globally is in charge of the Competence Centre Readymix and Global Market Intelligence and Sales Processes.

Gluskie joined Pioneer originally, but that company was acquired by Hanson in 2000. He is highly regarded in the industry.

Mr Todorcevski’s appointment as the new Boral boss was announced Monday and he is expected to have a strong focus on the allocation and cost of capital.

Some in the market say that his appointment was a surprising one, given his close links to Boral’s major competitor Adelaide Brighton.

In addition,while he has chief financial officer experience, this will be his first time running a major company.

Mr Kane, an American, was an internal candidate when appointed to the top job of Boral in 2012, running Boral USA, while his predecessor Mark Selway, an Australian, ran the Scottish-based Weir Group before taking on the top job.

The new appointment comes with anticipation that the new Boral chief will work swiftly to sell off non-core assets in the United States, although some believe a sale of non-performing units in America will not be as easy as some expect.

The company is working with Flagstaff and Macquarie Capital as it embarks on a strategic review of the business and said the new chief executive must set out a clear plan and boost returns for shareholders.

He will take on the role at Boral, which now counts Seven Holdings Group as a major shareholder, from July 1, with Mr Kane departing in September.