By John Revill
ZURICH (Reuters) – Holcim (SIX:HOLN) has named its chairman and former chief executive Jan Jenisch as chairman and CEO of its North American company following its multi-billion dollar spin-off, the Swiss building materials maker said on Friday.
Jenisch, who was CEO at Holcim from 2017 to 2024, has been in charge of steering the 100% separation of the company’s North American business into a separate U.S.-listed entity with a potential market valuation of $30 billion.
Holcim also named nine other members for the board of directors for 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 the separation of the North American business last January, a move designed to capitalise on the region’s infrastructure and construction boom, as well as capture a higher valuation.
The separation is one of the biggest changes in the global construction market this year and is being closed watched by rivals including Germany’s Heidelberg (ETR:HDDG) Materials.
Holcim also on Friday nominated board member Kim Fausing to replace Jenisch as chairman of the remaining business which is not being divested.
Fausing, the CEO of Danish engineering group Danfoss, will take over from Jenisch following the company’s AGM in May, when Jenisch will step down.
Jenisch, who was CEO at Swiss construction chemcials maker Sika (SIX:SIKA) before Holcim, said the board appointments were a “milestone” on the North American business’s path to becoming a separate company.
The business, which had sales of roughly $11 billion in 2023, has been a star performer in recent years, increasing its sales by an average of 20% per year.
Holcim, which is considering a new name for the North American operation, now wants to increase annual sales to $20 billion by 2030, mainly through organic growth and small acquisitions.