World’s fifth-largest cement maker Cemex is shaking up its Philippine subsidiary.
Cemex Holdings Philippines (CHP) announced that its president and CEO Ignacio Alejandro Mijares Elizondo is stepping down on June 1.
The 47-year old Mexican, who has been head of CHP since 2017, has been deployed as corporate strategic planning head in Monterrey, Mexico.
Under Elizondo’s watch, CHP posted a net loss of P970 million in his first full year as CEO in 2018. CHP bounced back to a P1.279 billion profit in 2019 but it has been on a downtrend during the pandemic – P985 million in 2020 and P725 million in 2021.
CHP also suffered $88 million in losses due to the four-year delay in the expansion of its Solid Cement plant in Antipolo.
He will be replaced by Luis Guillermo Franco Carrillo who is the current builders segment vice president for CEMEX Mexico.