By InvestAdvocate
Lagos (INVESTADVOCATE)- World’s building materials and cement producers, LafargeHolcim on Monday announced that Wolfgang Reitzle will exit as chairman of the board and has nominated Beat Hess new chairman.
“He has informed the board that he will not stand for re-election at the company’s May 2016 Annual General Meeting. The board regrets this decision while acknowledging Mr. Reitzle’s wish to pursue other business activities that will require his fullest attention, in particular the chairmanship of the Linde Supervisory Board,” the cement producer said in an emailed statement.
Mr. Reitzle was instrumental to the successful merger between Lafarge and Holcim in 2015. “Wolfgang Reitzle’s contribution to bringing the two groups together, and to creating the new leader in the building materials industry, has been invaluable” said Paul Desmarais, chairman of the LafargeHolcim Nomination and Compensation Committee.
“I am satisfied that LafargeHolcim is now fully on track with realising the benefits of the combined businesses. With its committed people and leading position in markets around the globe, LafargeHolcim is well placed to reach its targets,” Reitzle commented.
The board of directors of the company said it has decided to propose to its shareholders the election of Hess as its new chairman.
According to LafargeHolcim, Hess is a Swiss national born in 1949, he is currently vice-chairman of the board, a member of the Strategy & Sustainable Development Committee and a member of the Finance & Audit Committee. He was elected to the board of directors of then Holcim Ltd in 2010. From 1977 to 2003, he was legal counsel and later general counsel of the ABB Group. From 2004 until the end of 2010, he was legal director and a member of the executive committee of the Royal Dutch Shell Group, London and The Hague.
Hess is also a member of the board of directors of Nestlé S.A. and of Sonova Holding AG.
“Further proposals to the LafargeHolcim Annual General Meeting will be announced together with the invitation to the meeting,” the cement producer added.
