Swiss cement giant Holcim which has controlling stake in India firms, Ambuja and ACC, today announced that its Chief Executive Officer Bernard Fontana will step down from his position.
"Bernard Fontana will step down from his position as CEO of Holcim Ltd with the completion of the merger. He will also resign from all mandates in all Holcim Group entities," Holcim said in a statement.
With the successful public exchange offer and the expected closing of the merger with Lafarge, Andreas Leu and Bernard Terver will also step down from the Holcim Executive Committee with completion of the merger.
Bernard Terver currently responsible for Africa Middle East as well as South Asia will assume the position as Head of India for LafargeHolcim from the date of the closure of the merger.
"In this capacity he (Terver) will continue his mandates in the Boards of Ambuja Cements and ACC Limited in India," the statement said.
Leu who is responsible for the Americas, will also leave the Group with effect from August 1.
Holcim and Lafarge had earlier announced the leadership of LafargeHolcim with Wolfgang Reitzle as statutory Chairman of the Board of Directors and Eric Olsen as CEO. The mandate of the new Board of Directors and Executive Committee will be effective from the date of the completion of the merger.
"It has been a pleasure and honour to work with remarkable and passionate people throughout the past years at Holcim. I wish the new company LafargeHolcim and the entire team all the very best for the future," Bernard Fontana said.
Holcim is one of the world's leading suppliers of cement and aggregates (crushed stone, gravel and sand) as well as further activities such as ready-mix concrete and asphalt including services.
The Group holds majority and minority interests in around 70 countries.
