Displaying items by tag: Ireland

Ireland: CRH has said that its Group Finance Director - Maeve Carton - will become the company's new Group Transformation Director. The position is a new strategic group function within the company and Carton's new role will start in January 2016.

As Group Transformation Director, she will identify and implement the optimum financial and business model for the group in the years ahead. She will report to, and work closely with CRH's Group CEO Albert Manifold, and will continue to contribute directly to the board as an executive director.

The building materials group said that a search to appoint a new finance director for the group will start shortly. It is hoped that this process will be completed by the end of the year. Carton will continue as finance director until her replacement has been appointed, which will ensure an "effective transition process".

Ireland: The Board of Cement Roadstone Holdings (CRH) has announced that Henk Rottinghuis has been appointed as a non-executive director of the company.

Rottinghuis, aged 58, is a Dutch citizen with a background in distribution, wholesale and logistics. He was until 2010 Chief Executive Officer at Pon Holdings BV, a large, privately held international company that is focused on the supply and distribution of passenger cars, trucks and equipment for the construction and marine sectors.

Rottinghuis is currently the Chairman of the Supervisory Board of Stork Technical Services which provides asset management services to the oil and gas, power and chemical industries. He is also a member of the supervisory boards of the Royal Bank of Scotland NV and the retail groups Blokker Holding BV and Detailresult Groep.

Ireland: Irish cement conglomerate Cement Roadstone Holdings (CRH) has announced that Albert Manifold will become group chief executive on 1 January 2014 following the retirement of current chief executive Myles Lee after 32 years with the group.

Manifold, a board member and CRH's CEO since January 2009, has held a variety of senior positions within the company, including managing director of the Europe Materials Division and group development director. Prior to joining CRH in 1998, he was CEO with a private equity group.

Commenting on the appointment, CRH's chairman, Nicky Hartery, said, "I am delighted to announce Albert's appointment as the next chief executive of CRH. This follows a comprehensive selection process led by the Board's Succession Committee."

"Albert will succeed Myles in the New Year, facilitating an orderly transition at chief executive level," continued Hartery. "Albert brings to his new role a deep knowledge of the industry and proven international executive experience."

Ireland: Donald A McGovern, Jr will join the board of CRH as a non-executive director effective from 1 July 2013.

McGovern, a US national aged 62 years, is currently Vice Chairman for Global Assurance at PricewaterhouseCoopers (PwC), a position he has held since July 2008. McGovern will retire from PwC on 30 June 2013, following a 39 year career with the firm, during which time he directed the US firm's services for a number of large public company clients. He is a member of the American Institute of Certified Public Accountants and holds a Master's Degree in Business.

Ireland: Myles Lee, the Group Chief Executive of CRH, has confirmed to the board that he intends to retire from the company at the end of 2013 having reached the age of 60. CRH has indicated that it was likely that Albert Manifold, CRH's CEO, would become the new chairman.

Lee has completed a five year term as chief executive and 10 years as an executive director. Lee joined CRH in 1982, joining the board in November 2003 as finance director, later becoming chief executive in January 2009.

Spend, spend, spend has been the advice for CRH this week. The suggestion by an industry analyst this week that Irish building material conglomerate CRH should go on a shopping spree seems almost perverse! Or at least like stockbrokers trying to drum up excitement.

Just as all of the big multinational cement producers are selling assets and tightening management structures to cope with the ongoing financial turmoil, CRH is the only player that hasn't ruled out acquisitions in 2012. The analyst from Dublin stockbroking firm Davy predicted that CRH could spend up to Euro3.5bn on acquisitions while remaining within its banking agreements; a more level-headed figure was given as Euro1.5bn.

CRH broke down its revenue in 2011 to 55% to the European divisions and 45% to the American ones, with European Distribution, Americas Materials and European Materials being its top three sections. European Materials, the worldwide division containing cement assets generated Euro2.99bn, 16.5% of total group revenue.

With 85% of CRH's European Materials division concentrated on Switzerland, Finland, Benelux, Eastern Europe, Turkey and Asia its exposure to the Eurozone economic slowdown has been reduced compared to the competition. Yet what to buy next is fraught with risk. If Greece exits the Euro for example, then there may be some bargains going, but how long it would take these assets to become profitable is a big unknown.

Similarly, the over-indebted Mediterranean countries present opportunities and challenges. CRH's decision to transfer its 49% holding in Portuguese cement joint venture Secil to Semapa in May 2012 may indicate CRH's intention to stay well away from the Eurozone until the dust settles. Given the amount of cash that CRH could potentially throw around however, it seems odd that the company didn't try to disrupt the ongoing Cimpor takeover by two Brazilian firms. If anything happened to the bid by Camargo Corrêa and Votorantim then CRH would be in a prime position to benefit should it wish.

Whatever CRH decides to do with its money, it's a good problem to have! Lafarge, Cemex, HeidelbergCement and Holcim must all wish they had the same dilemma.