Author: John Revill
ZURICH (Reuters) – Holcim (SIX:) has named its chairman and former CEO Jan Jenisch as president and CEO of its North American company following a multibillion-dollar spin-off, the Swiss building materials maker said Friday.
Jenisch, who served as CEO at Holcim from 2017 to 2024, was tasked with managing the 100% spin-off of the company’s North American operations into a separate, US-listed entity with a potential market valuation of $30 billion.
Holcim also appointed nine other members of 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 the spin-off of its North American business last January, a move designed to capitalize on the region’s infrastructure and construction boom, as well as capture greater value.
The spin-off is one of the biggest shake-ups in the global construction market this year and comes under scrutiny from rivals including Germany Heidelberg (ETR:) Materials.
Holcim also on Friday nominated board member Kim Fausing to replace Jenisch as president of the remaining business that is not being sold.
Fausing, CEO of Danish engineering group Danfoss, will take over from Jenisch after the company’s annual general meeting in May, when Jenisch will step down.
Jenisch, who was CEO of Swiss construction chemicals maker Sika ( SIX: ) before the Holcims, said the board appointments were a “milestone” on the North American business’ path to becoming a separate company.
The business, which has sales of approximately $11 billion in 2023, has been excellent in recent years, growing its sales by an average of 20% per year.
Holcim, which is considering a new name for its North American business, now wants to grow annual sales to $20 billion by 2030, mostly through organic growth and small acquisitions.
