Shareholders ousted James Hardie's board over the $14B Azek deal, citing poor governance and a 33% stock drop.

At James Hardie’s 2025 annual meeting, shareholders ousted Chair Anne Lloyd and two other directors over the $14 billion Azek acquisition, which bypassed a vote due to an ASX waiver. The move followed a 33% drop in share value and widespread criticism of poor engagement and perceived arrogance, echoing past asbestos controversies. Despite CEO Aaron Erter’s claims of outreach, the swift, confrontational AGM—lasting just 17 minutes—signaled a major rebuke of corporate governance. Remaining board members now face pressure to prove accountability as shareholders vow continued scrutiny.