CRH has named chief financial officer Jim Mintern as the successor to Albert Manifold, who has led the group for almost 11 years.
The building materials and services group said that Mr Mintern, 57, a group veteran of more than two decades who became CFO three years ago, will take on the new role as Mr Manifold retires at the end of 2024.
“The board has a significant focus on succession planning throughout CRH. With the support of independent advisers, we have followed best practice, including a review of external candidates, and we have carefully monitored the development plans for potential internal candidates,” chairman 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 calibre 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.”
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The appointment sticks with the tradition of CRH appointing Irish CEOs, even though there had been speculation that the next head of the group could from North America, where the group currently generates three-quarters of its earnings.
Mr Boucher said that CRH has made “enormous progress” under the “exceptional leadership” of Mr Manifold.
“Under Albert’s leadership CRH has delivered superior growth and performance with consistently improving profitability, cash generation and returns,” he said.
Mr Manifold has held varied responsibilities with CRH since he joined in 1998. He was appointed CEO in January 2014. Mr. Manifold will step down from the board and relinquish his executive responsibilities on December 31st. He will continue as an adviser to CRH for a further 12 months.
The Irish multinational, which quit the Dublin stock market a year ago as it moved its main listing from London to New York, posted an 8 per cent rise in profit after tax to $1.3 billion (€1.18 billion) for the three months to the end of June despite a small fall in revenues to $9.7 billion, beating market expectations.
The group signalled it could have a war chest of more than €20 billion to spend on buying up rivals in coming years.
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