Jenisch will lead Holcim’s North American division following spin-off

(Bloomberg) — Holcim Ltd. announced that former CEO and company veteran Jan Jenisch will lead its North American operations, which will be spun off from the Switzerland-based construction solutions company.

Jenisch, currently chairman of Holcim’s board of directors, has been named 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 growth in the U.S. market, where the builder works to meet demand for single-family homes. The company expects to go public in the first half of the year.

Kim Fausing has been proposed to succeed Jenisch as chairman of the board, subject to a vote at the annual shareholder meeting scheduled for May. Fausing has been President and CEO of Danfoss AG since July 2017. Meanwhile, Holcim CEO Miljan Gutovic will continue to lead the remaining businesses after the spin-off.

Jenisch joined Holcim as CEO in 2017 and served as chairman of the board last year to lead the planned listing.

He previously said he valued Holcim’s North American business at about $50 billion because it could grow faster than its European peers after a spinoff, while the company has previously said the unit could be valued at more than $30 billion. .

The company said last month that after the spin-off, its shares would be listed in the United States and Switzerland. Swiss and other European funds may have to sell U.S.-listed shares, which could lead to so-called reshoring and affect the unit’s share price.

Holcim shares have surged about 39% since announcing its intention to spin off its fast-growing U.S. business in January 2024.

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