Mexico’s Cemex sees US$400m in savings – report

Mexico’s Cemex sees US$400m in savings – report
Published: 14 April 2011

Cemex expects a reorganisation to save some US$400m annually after 18 months, Chief Executive Lorenzo Zambrano told Reforma newspaper.

The expected savings come after 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 US$400m on top of other savings previously announced," Zambrano said in an interview published on Wednesday.

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.