Holcim, Lafarge set to name Olsen as CEO of combined company - source
Reuters
Published Apr 08, 2015 19:37
Holcim, Lafarge set to name Olsen as CEO of combined company - source
By Oliver Hirt
ZURICH (Reuters) - Cement maker Holcim (VX:HOLN) has backed Eric Olsen as chief executive following the Swiss firm's planned merger with French peer Lafarge (PA:LAFP), a source familiar with the matter told Reuters on Wednesday.
The choice of CEO was one of the main sticking points in the deal. One shareholder, U.S. mutual fund Harris Associates, had held back from approving the deal, set to be voted on by investors at a May 8 meeting, until a decision was reached on who would lead the company.
Olsen, a 16-year veteran at Paris-based Lafarge, was backed by the boards of both companies after Holcim's board met on Wednesday, the source said, picking an insider to lead what would be the world's largest cement maker.
Olsen, a French-American, joined Lafarge's top management in 2007 as in charge of organisation and human resources. He was appointed an operations head nearly two years ago.
The choice of CEO was left open after revised merger terms last month gave Lafarge's chief Bruno Lafont the role of non-executive co-chairman instead of chief executive as initially planned.
The reworked merger proposals also gave a more attractive share-swap ratio for Holcim shareholders.
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