Bamburi #ticker:BAMB Cement has named its chief finance officer Eric Kironde interim chief executive as it embarks on search for Bruno Pescheux’s replacement.
The East Africa’s largest cement firm by market share controlled 58.6 per cent by France’s conglomerate Larfage said in a statement Pescheux stepped down at the end of last month, calling time on his three-year career as CEO of Bamburi.
Chairman John Simba said the French national, who joined the listed firm in July 2014, opted to retire.
“We would like to recognise the contribution of Bruno Pescheux and thank him for his leadership. We wish him a long and happy retirement,” Dr Simba said in a statement.
The retired CEO took over from Lafarge Syria where he held a similar position.
Pescheux leaves when the company is expanding grinding capacity at its Athi River plant and in Uganda by 1.8 million tonnes, a project it started in January and is set for completion mid-next year.
He said on August 25 increased capacity will “solidify” Bamburi’s position as the lowest cost producer in the region, giving it a pricing edge over competitors.
The firm has suffered drop in sales on soft demand as a result of a scale down in public investment in infrastructure development due to prolonged electioneering period.
For the half-year profit dropped to Sh1.85 billion from Sh2.90 billion in the same period last year. This was on the back of a Sh1.57 billion decline in sales revenue to Sh17.54 billion from Sh19.11 billion.