CRH has announced its new chief executive, with chief operating officer Albert Manifold stepping into the role from January.

Mr Manifold (50) will take over the position when current CEO Myles Lee retires, ending 32 years with the company.

Mr Manifold has been a member of CRH’s board and chief operating officer since January 2009. A trained accountant, he joined CRH in 1998 and has held a number of senior roles within the group, including managing director of the Europe materials division and group development director. Prior to joining CRH, he was chief operating officer with a private equity group

Chairman Nicky Hartery said Mr Manifold's appointment was the result of a comprehensive selection process by the board's succession committee.

“Albert brings to his new role a deep knowledge of the industry and proven international executive experience,” he said. “As chief executive, he will continue to develop and drive CRH’s strategic agenda, to deliver sustainable long-term value for shareholders.”