24th Sep 2024 09:58
(Alliance News) - CRH PLC on Tuesday said it promoted its Chief Financial Officer Jim Mintern to chief executive officer from the start of 2025.
The Dublin-based building materials supplier said current Chief Executive Officer Albert Manifold will retire from his role and the company board at the end of this year. He will then serve as an advisor to the company through 2025.
Manifold, who has been CEO since early 2014, said: "I am pleased that Jim, who has a deep understanding of CRH, will succeed me when I retire at the end of this year. This will be his time. Jim's experience, capabilities and ambition for the business ideally position him to lead the CRH team forward through an era of enormous opportunity."
Chair Richie Boucher said: "Over recent years we have closely observed Jim's character, qualities and abilities, as well as his significant influence on the evolution of CRH. We are very pleased to have a successor of such caliber and are confident that Jim is best positioned to lead the CRH team, building the future of the company for the benefit of our investors, customers, colleagues and communities."
In August, CRH upgraded its full-year guidance. Net income is expected to be USD3.70 billion to USD3.85 billion in 2024, improved from USD3.55 billion to USD3.80 billion previously guided.
Adjusted earnings before interest, tax, depreciation and amortisation is expected to be USD5.40 billion to USD5.60 billion, improved from USD5.15 billion to USD5.45 billion previously.
These would compare to net income of USD3.07 billion and adjusted Ebitda of USD6.2 billion in 2023.
CRH shares fell 1.2% to 6,766.00 pence each on Tuesday morning in London, giving it a market capitalisation of GBP48.09 billion.
By Tom Budszus, Alliance News slot editor
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