Cemex CEO Fernando González to Step Down After 30 Years
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Mexico’s Cemex SAB CEO Fernando González is stepping down after more than three decades at one of the world’s largest cement makers. González will be replaced April 1 by Jaime Muguiro, who is the current head of Cemex’s U.S. operations, the company said in a statement.
González joined the Monterrey-based company in 1989 and became chief executive in 2014. During his tenure as CEO, he focused on reducing Cemex’s debt, expanding its presence in the U.S., Europe and Mexico and reducing its carbon footprint. Last year, Cemex regained its investment grade rating after losing it in 2009 amid the global financial crisis.
Cemex USA ranks No. 32 on the Transport Topics Top 100 list of the largest private carriers in North America.
Muguiro joined Cemex in 1996. His new appointment as CEO is indicative of the company’s focus on the U.S. market. Jesús González, will replace Muguiro as the head of Cemex’s U.S. operations after having presided over the company’s South American, Central American and Caribbean business.
“The appointment of Mr. Muguiro, current president of the US operations, is a natural step, as the U.S. market continues to lead Cemex growth and remains at the core of Cemex’s business strategy,” said Citi in a research note on Feb. 10.
(Bloomberg)
Shares rose as much as 1.4% following the news during early trading. The stock has since erased gains, trading flat in Mexico City.
Cemex is looking for small and medium-sized acquisitions, company executives said on a conference call with investors last week. It’s also divesting from emerging markets and received $2.2 billion in the sale of non-core assets in emerging markets last year.
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