By John Revill
ZURICH (Reuters) – Holcim has appointed its chairman and former CEO Jan Jenisch as chairman and CEO of its North American business following the multi-billion dollar spin-off, the Swiss building materials maker said on Friday.
Jenisch, who served as CEO at Holcim from 2017 to 2024, has led the 100% separation of the company’s North American operations into a separate US-listed entity with a potential market value of $30 billion.
Holcim also appointed nine other members to the board of directors of the North American company, which is expected to complete its spin-off by the end of the first half of 2025.
The cement and roofing maker announced its separation from the North American business last January, a move aimed at taking advantage of the region’s infrastructure and construction boom and achieving a higher valuation.
The separation is one of the biggest changes in the global construction market this year and is being overseen by rivals including Germany’s Heidelberg Materials.
Holcim also nominated board member Kim Fausing on Friday to replace Jenisch as chairman of the remaining company that will not be divested.
Fausing, the CEO of Danish engineering group Danfoss, will take over from Jenisch after the General Meeting of Shareholders in May, when Jenisch will step down.
Jenisch, who before Holcim was CEO at Swiss construction chemicals manufacturer Sika, said the board appointments were a “milestone” on the North American company’s path to becoming a separate company.
The company, which had sales of approximately $11 billion in 2023, has performed excellently in recent years, increasing sales by an average of 20% per year.
Holcim, which is considering a new name for its North American operation, now aims to increase annual revenue to $20 billion by 2030, mainly through organic growth and small acquisitions.
(Reporting by John Revill; Editing by Miranda Murray)
