Trinidad Cement Limited has a new CEO. Following the departure of Rollin Bertrand last August when the board was taken over by minority shareholders, Cemex’s Alejandro Ramirez Cantu has been acting CEO of the Group. He is now replaced by Jose Luis Seijo, also of Cemex, while Juan Mendoza has been appointed Group Procurement Manager. This is in line with TCL’s agreement with Cemex, which is the company largest shareholder with a 39.5% stake. Mr Seijo was previously head of strategic and financial planning for Spain and the Mediterranean. TCL reports that his focus will be on value creation for the company and its stakeholders.
TCL recently reported revenue of US$514.9 million for the quarter ending 31 March, up 0.3% y/y, attributed to increases in cement prices and clinker sales volumes, though cement sales volumes dipped 4%. Meanwhile, earnings before interest, taxes, depreciation, impairment, loss on disposal of property, plant and equipment and debt restructuring credit from continuing operations increased 38% to US$37.8 million.
Mr Seijo reportedly told press that TCL has great potential and that his job was to tap into all the group’s resources to ensure a sustainable future.
Edited from various sources by Katherine Guenioui
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