Holcim seeks a new CEO

06. March 2023
-IAM, News

Daniel Pfund, Senior Financial Analyst

Last week Holcim published its annual results for the fiscal year 2022. Record sales of CHF 29.2 billion (+12.9% on a comparable basis) and operating profit of CHF 4.7 billion (+7.2% on a comparable basis) were reported. These figures were slightly below analysts’ expectations. Nevertheless, thanks to these record results, the company is proposing to raise its dividend to CHF 2.50/share (+14%), which was another good news for shareholders.

The new management’s acquisition strategy is bearing fruit. Holcim is expanding in the most promising, less CO2-intensive segments and in fast-growing geographic regions (notably the USA). To finance these acquisitions, the company is divesting less profitable businesses such as cement in emerging countries. The company is still planning “some large acquisitions” this year.

At management level, the current chairman, Beat Hess, 73, has decided not to stand for re-election at the general meeting next May. The Board proposes to appoint the current CEO, Jan Jenisch. He will remain interim CEO for a maximum of 12 months, but to guarantee the independence of the Board, he will not be a member of any committee. Holcim is therefore looking for a new CEO, after having found a new CFO (Steffen Kindler) who will take up his duties on 1 May.