CRH’S MOST senior US executive is set to leave the building materials group at the end of next month, prompting a management shake-up in its American businesses.
The company announced yesterday that Tom Hill, a board member and chief executive of its Americas operations, has resigned as a director and will leave the group altogether on July 31st.
The news comes just a month after CRH announced that current finance director, Myles Lee, will succeed chief executive Liam O’Mahony when he retires from the role at the end of the year.
Mr Hill, who played a key role in CRH’s biggest deal, the €1 billion purchase of US asphalt producer Apac, was considered by some observers as a candidate for the chief executive’s job.
Mr Hill joined CRH in 1980. The group appointed him president of Oldcastle Materials, then its largest US operation, in 1991. He became its chief executive officer in January 2000.
He took up his current position in July 2006. A US citizen, he has been responsible for the group’s materials, products and distribution businesses in the Americas. He joined the board in January 2002.
CRH is the biggest producer of asphalt in the US, and is the third largest player in aggregates, that is quarried stone and other materials used in building. Overall, the US is responsible for half the group’s €20 billion-plus turnover.
Three other CRH US executives will move up the ladder and take on new roles as a result of Mr Hill’s departure.
Mark Towe (58), chief executive of its Americas materials division, will succeed Mr Hill. He has held that post since 2006. He will join the CRH board at the end of next month.
Doug Black (43), president and chief operating officer of the same division will succeed Mr Towe. The head of CRH’s architectural products group, Bill Sandbrook (50), will take over at the helm of Americas products and distribution.
Commenting on the changes in a statement yesterday, Mr Lee and Mr O’Mahony thanked Mr Hill for his “years of significant achievement at senior level in the CRH group”.
Ongoing fears about the US economy and a general market slump saw investors desert CRH yesterday. Its price dropped €1.71 to €17.15, wiping 9.07 per cent off its value. The group is due to issue a trading statement for the first six months of the year on Monday. It will also detail the acquisitions it has made during that period.
