Jenisch Set to Lead Holcim’s North American Unit After Spinoff
Holcim Ltd. announced that former CEO and company veteran Jan Jenisch will lead its North American business, which is being spun off from the Switzerland-based building solutions company.
(Bloomberg) -- Holcim Ltd. announced that former CEO and company veteran Jan Jenisch will lead its North American business, which is being spun off from the Switzerland-based building solutions company.
Jenisch, who currently serves as chair of Holcim’s board of directors, was named as the designated Chairman and Chief Executive Officer of the planned company.
The business is being separated from the Swiss company as Holcim looks to benefit from rapid US market growth, with builders working to meet demand for single-family homes. The company is expected to list in the first half of the year.
Kim Fausing was proposed as Chairman of the Board of Directors to succeed Jenisch, subject to vote at the annual general meeting scheduled for May. Fausing has been President and CEO for the Danfoss Group, Denmark, since July 2017. Meanwhile, Holcim CEO Miljan Gutovic will continue to lead the rest of the business following the split.
Jenisch joined Holcim in 2017 as chief executive officer and last year was tasked to lead the planned listing in his role as board chair.
He previously said he values Holcim’s North America business at around $50 billion because it is likely to see faster growth than its European counterpart after the separation, while the company had previously said the unit could be valued at more than $30 billion.
Shares are set to be listed both in the US and Switzerland following the spinoff, the company said last month. Swiss and other European funds may have had to sell the US-listed shares, which could result in a so-called flow back of shares and impact the unit’s stock price.
Holcim shares have soared around 39% since the intention to spinoff the fast growing US business was announced in January 2024.
More stories like this are available on bloomberg.com
©2025 Bloomberg L.P.
Catch all the Business News , Corporate news , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
MoreLess
First Published:10 Jan 2025, 12:02 PM IST
- Top Gainers
- Top Losers
- 52 Week High