Cemex SAB, the largest cement maker in the Americas, is reorganizing into six regional units and Chief Financial Officer Rodrigo Trevino will step down as part of the reshuffle.
Fernando Gonzalez, currently executive vice president of finance and administration will assume the duties of chief financial officer, Cemex said in an e-mailed statement. Jorge Perez, Cemex’s spokesman, confirmed the departure of Trevino in a telephone interview from Monterrey, Mexico.
Cemex has struggled since paying $14.2 billion for Rinker Group Ltd., a Sydney-based building materials company, in July 2007 just as the U.S. construction industry fell into recession. Rinker had generated about 80 percent of its sales in the U.S. Cemex posted a $1.31 billion loss in 2010 and analysts predict a loss for this year based on 17 surveyed by Bloomberg.
The company said executives “all of whom have served previously in various senior level operating positions within the company” will take over responsibilities under the new operational structure. Karl Watson Jr. becomes president of CEMEX USA and Juan Romero, will be president of CEMEX Mexico and also will oversee Global Technology.
‘To Create Value’
Francisco Garza, current president for CEMEX Americas, will now serve as vice chairman of the Board of CEMEX Mexico and chairman of the newly created CEMEX Latin America Advisory Board, according to the statement.
Jaime Elizondo, will be president of CEMEX South America and Caribbean, and will oversee Global Procurement; while Ignacio Madridejos becomes president of CEMEX Northern Europe, and also will oversee Global Energy and Sustainability.
Jaime Muguiro, will be president of CEMEX Mediterranean and Joaquin Estrada becomes president of CEMEX Asia, and also will oversee Global Trading, Cemex said in the statement.
“We need to move rapidly to create value for all our stakeholders,” Lorenzo Zambrano, chairman and chief executive officer of Cemex, said in the statement. “This new executive team has the leadership skills, the vision and the experience to do exactly that, and I am extremely optimistic about Cemex’s future,” he said.
Cemex’s American depositary receipts in fell 6 cents to $8.62 at 4:15 p.m. in New York trading. The shares have fallen 16 percent this year.