Cemex SAB made an official statement yesterday, announcing that its Chief Financial Officer Mr. Fernando Gonzalez will take the position of Chief Executive Officer, while Mr. Rogelio Zambrano will become chairman. The announcement takes place three days after the death of the companys former CEO Lorenzo Zambrano.
Mr. Rogelio Zambrano, who gas been part of the company for almost three decades now, will occupy his new position immediately. He was considered the most logical choice of the board as a successor to the former Chief Executive Officer, who was his cousin. The board is seeking to reassure the companys investors in the stability of Cemex.
The former Chairman of the company Mr. Lorenzo Zambrano took the position in 1995 and is known for his ambitious strategy of international expansion, which helped him completely change the shape of the company from a regional manufacturer to a global supplier of cement and building materials.
The new Chairman Rogelio Zambrano said in a press release, which was cited by the Financial Times: “We will stay focused on creating value for all our stakeholders. Our new CEO and the whole of Cemex’s executive committee have the vision, skills and experience to do exactly that and I am very optimistic about Cemex’s future. Lorenzo Zambrano’s legacy will endure and his vision and passion for excellence will continue to inspire us in the years to come.”
The fast reorganization of the companys management team is expected to provide both analysts and investors perspective for stability and continuity as the company is trying to recuperate its earnings, which have been affected by the 2008 financial crisis. The new Chief Executive Officer of the company Mr. Gonzalez joined Cemex in 1989 and headed its operations in several regions of the world, including Africa, Asia, the Middle East, the Caribbean, and South America.
Cemex SAB de CV was 0.55% down to close at 16.10 Mexican pesos per share yesterday, marking a one-year change of +10.45%. According to the information published on the Financial Times, the 6 analysts offering 12-month price targets for Cemex SAB de CV have a median target of 17.33, with a high estimate of 20.67 and a low estimate of 10.19. The median estimate represents a 7.62% increase from the last price of 16.10.
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