Boral CEO to step down next year

Vik Bansal to step down as chief executive officer and managing director in early 2026

SEVEN Group Holdings Ltd (SGH) have announced that Vik Bansal, chief executive officer and managing director of Boral, is to step down from his current role, with the transition expected to occur in early 2026. At the conclusion of his role as Boral CEO, Mr Bansal will be appointed to the SGH board as a non-executive director.

SGH have worked closely with Mr Bansal on a structured succession to ensure a smooth leadership transition and the continued execution of Boral’s performance journey. As part of this, Matt McKenzie, currently executive general manager – concrete and quarries (South), has been as appointed chief operating officer, effective 1 July 2025, to support leadership continuity and drive ongoing momentum.

Since his appointment as CEO and MD of Boral in late 2022, Mr Bansal has led Boral’s transformation under his Good to Great strategy – a disciplined programme focused on improving performance, aligning leadership with shareholder value creation, and embedding a culture of operational excellence.

This strategy has delivered substantial improvements in operating performance, accountability, and customer and employee engagement, all underpinned by the Boral Way operating discipline, which is closely aligned with SGH’s operating philosophy and has collectively enabled enhanced financial outcomes.

A cornerstone of Boral’s transformation has been a focused investment in leadership depth, which has attracted high-calibre external leaders and advanced internal talent. Consistent with SGH’s commitment to exceptional people, this deliberate approach has built a strong leadership foundation, positioning Boral to sustain performance momentum, deliver mid-teen EBIT margins through the cycle, and capture long-term growth across Australia’s infrastructure and residential markets.

Commenting on the planned transition, SGH’s chief executive officer and managing director, Ryan Stokes, said: ‘I want to acknowledge Vik for his outstanding leadership and contribution to Boral over the past three years.

‘Under Vik’s leadership, the Good to Great strategy and the Boral Way operating discipline have been deeply embedded, driving a disciplined focus on performance, stakeholder, and cultural alignment. He has built a high-calibre team and led a step change in Boral’s operational and financial outcomes. We look forward to his continued contribution across SGH as a non-executive director.

‘As we plan for the next chapter, our priority is to appoint a CEO who will enhance the Boral Good to Great journey and build on this momentum, ensuring we continue to unlock value and deliver long-term performance.’

Vik Bansal said: ‘It is an honour to have led Boral through a pivotal phase in their transformation. Over the past three years, we have repositioned the business including unlocking value from our privileged asset base, national scale, and vertically integrated model – all while fostering a high-performance culture. With Boral in a significantly stronger position and a capable leadership team in place, now is the right time to begin the next phase.

‘I would like to thank Ryan for his ongoing support and the opportunity to serve as CEO. I look forward to working with the board to ensure a smooth transition and remain committed to Boral’s continued success and to contributing in a new capacity as an SGH non-executive director.’