Paul Zuckerman, a former senior executive at Fletcher Building, has been appointed CEO of Bradken, promising to push ahead with restructuring the mining services group.
A short time ago, the company’s shares were up more than 9% to $0.55.
Bradken has been subject to a series of takeover moves over the last year but the declining resources market has seen the company’s value fall hard and the deals fade.
A little more than a year ago, Pacific Equity Partners and Bain Capital Asia made a $5.10 share bid for the 90-year-old Bradken, valuing it at $872 million. Today the company has a market capitalisation of just $94 million.
Zuckerman was chief executive of Fletcher Building’s laminates and panels division, a $1 billion business. He’s also worked for Bluescope and BHP.
“I am looking forward to joining the Bradken family and working alongside the more than 3,500 people who serve our customers,” says Zuckerman.
“The team and I will be focused on completing the restructuring which is already well advanced, creating a sustainable business platform that will increase value for shareholders.”
Zuckerman is being paid a base of $935,000 plus short and long term incentives. He also starts with a one off share allocation of 450,000 with half vesting on his first anniversary and the rest at the end of the second year.