Written by John Revell
Zurich (Reuters) – Holcim (SIX:) has appointed former Chairman and CEO Jan Jenisch as president and CEO of its North American business following a multibillion-dollar spinoff, the Swiss building materials maker said Friday.
Jenisch, who was Holcim's CEO from 2017 to 2024, was responsible for guiding the 100% spin-off of the company's North American business into a separate US-listed entity with a potential market value of $30 billion.
Holcim also appointed nine more members to the board of directors of the North American company, whose spin-off is expected to be completed by the end of the first half of 2025.
The cement and roofing maker announced the spin-off of its North American business last January, a move aimed at capitalizing on the region's infrastructure and construction boom, as well as garnering a higher valuation.
The breakup is one of the biggest changes in the global construction market this year and is being closed under the watch of competitors including Germany Heidelberg (ETR:) Materials.
Holcim on Friday also nominated board member Kim Fusing to replace Jenisch as chairman of the remaining company that was not divested.
Vossing, CEO of Danish engineering group Danfoss, will take over from Jenisch after the company's AGM in May, when Jenisch steps down.
Jinisch, who was CEO of Swiss construction chemicals maker Sika before Holcim, said the board appointments were a “milestone” on the North American business's path to becoming a separate company.
The company, which had sales of nearly $11 billion in 2023, has had an outstanding performance in recent years, increasing its sales at a rate of 20% annually.
Holcim, which is considering a new name for its North American operations, wants to increase its annual sales to $20 billion by 2030, mainly through organic growth and small acquisitions.
