Mexican company Cemex (CX.N) (CMXCPO.MX), the world's No. 3 cement maker, expects a reorganization to save some $400 million annually after 18 months, Chief Executive Lorenzo Zambrano told Reforma newspaper.
The expected savings come after Monterrey-based Cemex announced a management reshuffle earlier this week.
"With this new structure, with fewer (management) levels, we think we'll have savings of close to $400 million on top of other savings previously announced," Zambrano said in an interview published on Wednesday.
Cemex was not immediately available for further comment.
The company said on Monday that senior executive Fernando Gonzalez will take on the role of chief financial officer.
The executive, who as Cemex's vice president of planning and finance already handled top financial decisions in the company, would also take on the tasks of the CFO, although he would not take that title.
Long-serving CFO Rodrigo Trevino, who had spearheaded the company's efforts to refinance Cemex's debt load after buying Australian rival Rinker in 2007, took early retirement. (Reporting by Cyntia Barrera Diaz, editing by Gerald E. McCormick)
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