LafargeHolcim CEO to Depart in Wake of Syria Controversy
April 24 2017 - 2:10AM
Dow Jones News
By Brian Blackstone
ZURICH--Franco-Swiss building-materials company LafargeHolcim
Ltd. said Monday that Chief Executive Eric Olsen will step down on
July 15 despite an internal review that cleared Mr. Olsen of any
wrongdoing regarding the company's operations in Syria in 2013 and
2014.
In a statement, Mr. Olsen said his decision to resign "is driven
by my conviction that it will contribute to addressing strong
tensions that have recently arisen around the Syria case."
"While I was absolutely not involved in, nor even aware of, any
wrongdoing I believe my departure will contribute to bringing back
serenity to a company that has been exposed for months on this
case," he said.
Last month, LafargeHolcim disclosed the initial findings of an
internal review of the company's operations in Syria in 2013 and
2014 related to alleged dealings with some armed groups to ensure
the safety of plant employees.
"It appears from the investigation that the local company
provided funds to third parties to work out arrangements with a
number of these armed groups, including sanctioned parties, in
order to maintain operations and ensure safe passage of employees
and supplies to and from the plant, " LafargeHolcim said at the
time.
In a statement Monday, the company said "a number of measures
taken to continue safe operations at the Syrian plant were
unacceptable, and significant errors of judgment were made that
contravened the applicable code of conduct."
"Following an in-depth review, the board has concluded that Eric
Olsen was not responsible for, nor thought to be aware of, any
wrongdoings that have been identified as part of its review,"
LafargeHolcim said.
A search for Mr. Olsen's successor will begin immediately, the
company said, and board chairman Beat Hess will serve as interim
CEO after Mr. Olsen departs.
Write to Brian Blackstone at brian.blackstone@wsj.com
(END) Dow Jones Newswires
April 24, 2017 01:55 ET (05:55 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Holcim (PK) (USOTC:HCMLY)
Historical Stock Chart
From Aug 2024 to Sep 2024
Holcim (PK) (USOTC:HCMLY)
Historical Stock Chart
From Sep 2023 to Sep 2024