Adrad Names Paul Proctor as Interim CEO Amid Stable FY25 Earnings Outlook

Leadership Transition at Adrad Holdings

Adrad Holdings Limited (ASX, AHL) has announced a significant leadership change with the appointment of Paul Proctor as interim Chief Executive Officer, effective July 28, 2025. This follows the resignation of Kevin Boyle, who has stepped down to pursue other opportunities after a tenure marked by revenue growth and the streamlining of the company’s manufacturing operations.

The board expressed gratitude for Boyle’s contributions, highlighting his role in advancing Adrad’s operational efficiency and financial performance. Meanwhile, Proctor brings a wealth of experience from senior roles in global manufacturing firms, including Seeley International and Tenneco Automotive, positioning him well to guide the company through this transitional phase.

Strategic Outlook and Earnings Guidance

Alongside the leadership update, Adrad provided guidance for the 2025 financial year, projecting underlying earnings to be between 95% and 100% of the previous year’s results. This forecast suggests a stable financial outlook despite the executive change, reflecting confidence in the company’s current operations and market position.

The board’s decision to appoint Proctor on an interim basis while conducting an executive search for a permanent CEO indicates a measured approach to leadership succession. Proctor’s background in operational leadership and growth initiatives is expected to support continuity and potentially lay the groundwork for future expansion.

Terms of Appointment and Incentives

Proctor’s employment terms include a fixed annual remuneration of $600,000, excluding superannuation, with eligibility for short-term and long-term incentive plans subject to board discretion and shareholder approval. These incentives will be tied to performance metrics aimed at aligning leadership rewards with shareholder value creation.

The company retains the flexibility to terminate the agreement with one month’s notice, while Proctor may resign with three months’ notice, reflecting standard executive contract terms. This arrangement underscores the interim nature of the appointment while providing stability during the leadership transition.

Looking Ahead

Adrad’s chairman expressed optimism about the company’s prospects for FY26, emphasizing the board’s enthusiasm to work with Proctor to build on the company’s platform for growth. Investors will be watching closely for updates on the permanent CEO search and any strategic shifts that may accompany new leadership.