By Anthony Harrup
MEXICO CITY--Mexican cement maker Cemex's chief executive Fernando González is retiring at the beginning of April after 35 years at the company and will be replaced by Jaime Muguiro, who is currently head of the company's U.S. operations.
González joined Cemex in 1989 and was appointed chief executive in 2014 with main task of reducing the Monterrey, Mexico-based company's high debt levels and recovering the investment grade ratings that were lost during the 2009 global financial crisis.
After a series of asset sales, which were used primarily to pay down debt, Cemex returned to investment grade last year. In his time as CEO, González also focused on research and development, greatly reducing the cement maker's carbon footprint.
González "will leave us with a company that is an industry leader in sustainability, innovation, and digitalization," Cemex chairman Rogelio Zambrano said in a release Monday.
Muguiro, who has been at Cemex since 1996, will be replaced at the head of Cemex USA by Jesús González, who is currently president of the company's South, Central America and Caribbean operations.
Recent asset sales have included operations in the Philippines, Guatemala and the Dominican Republic, and last week Cemex reiterated its growth plan focusing mostly on the U.S. market through small to medium-sized acquisitions.
Write to Anthony Harrup at anthony.harrup@wsj.com
(END) Dow Jones Newswires
February 10, 2025 07:30 ET (12:30 GMT)
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