Holcim names Chairman Jenisch as CEO and chairman of North American spin-off

By John Revill

ZURICH (Reuters) – Holcim (SIX:HOLN) has named its chairman and former chief govt Jan Jenisch as chairman and CEO of its North American firm following its multi-billion greenback spin-off, the Swiss constructing supplies maker mentioned on Friday.

Jenisch, who was CEO at Holcim from 2017 to 2024, has been in control of steering the 100% separation of the corporate’s North American enterprise right into a separate U.S.-listed entity with a possible market valuation of $30 billion.

Holcim additionally named 9 different members for the board of administrators for the North American firm, which is predicted to finish its spin-off by the top of the primary half of 2025.

The cement and roofing maker introduced the separation of the North American enterprise final January, a transfer designed to capitalise on the area’s infrastructure and development increase, in addition to seize the next valuation.

The separation is likely one of the greatest modifications within the world development market this 12 months and is being closed watched by rivals together with Germany’s Heidelberg (ETR:HDDG) Supplies.

Holcim additionally on Friday nominated board member Kim Fausing to switch Jenisch as chairman of the remaining enterprise which isn’t being divested.

Fausing, the CEO of Danish engineering group Danfoss, will take over from Jenisch following the corporate’s AGM in Could, when Jenisch will step down.

Jenisch, who was CEO at Swiss development chemcials maker Sika (SIX:SIKA) earlier than Holcim, mentioned the board appointments have been a “milestone” on the North American enterprise’s path to turning into a separate firm.

The enterprise, which had gross sales of roughly $11 billion in 2023, has been a star performer lately, growing its gross sales by a median of 20% per 12 months.

Holcim, which is contemplating a brand new title for the North American operation, now needs to extend annual gross sales to $20 billion by 2030, primarily by natural development and small acquisitions.