Forterra has revealed that Neil Ash will become Chief Executive Officer designate on 3 April 2023, following the announcement that Stephen Harrison will be stepping down as CEO during the first half of 2023.
Neil has almost three decades’ experience in the building materials sector and an impressive track record of improving performance and delivering growth. Currently at Etex, the Belgian lightweight building materials manufacturer, he leads the Building Performance division which is a €2 billion revenue business. During his time at Etex Neil oversaw major capex projects, significant acquisitions, and developed its sales approach which delivered strong top line growth.
His experience includes 15 years at Lafarge, where he undertook many roles, including the role of Vice President International Business Development and Sales and Commercial Director UK & Ireland of Lafarge Plasterboard.
Justin Atkinson, chairman, said: “We are very pleased to appoint Neil as the next CEO. His business leadership and extensive building materials sector knowledge will be invaluable to Forterra in the next stages of our development and the Board looks forward to working with him.
“The Board and I are grateful to Stephen Harrison for the significant contribution he has made to the business during his tenure as CEO. We wish him all the best for the future after he leaves Forterra in the second quarter of 2023.”
The news comes as Forterra provides an update for the ten-month period ended 31 October 2022, in which trading “has remained robust” with YTD sales volumes in line with last year. The firm says this reflects ongoing production capacity constraints and record low inventory levels.
Group revenue in the period was 23% ahead of the prior year, driven by selling price increases. Full year results are expected to be in line with management’s expectations.
Stephen Harrison, CEO, said: “Trading remains robust although we are watchful of the impact of the recent instability in financial markets and the reported negative impact this is currently having on the housing market.
“The group enters this uncertain time in a position of strength having a strong balance sheet with low levels of debt and high levels of cash generation. Inventories remain at record low levels and despite the current uncertainties we remain well-placed to mitigate the effects of a softening of demand by substituting imported bricks with domestically manufactured product.”
