Cemex makes changes in management structure

Cemex makes changes in management structure
Published: 06 May 2009

Cemex said Tuesday it has reorganized some of its top management functions in an effort to increase efficiency.

In a filing with the Mexican stock exchange, Cemex said that among the changes, Executive Vice President For Planning and Finance Hector Medina will become executive vice president for Finance and Legal Affairs, while Fernando Gonzalez will be executive vice president For Planning and Development.

Francisco Garza was named president for the Americas, and Juan Romero president for Europe, the Middle East, Africa, Asia and Australia.

The changes come as Cemex is negotiating the refinancing of $14.5 billion in short-term bank debt, and also taking measures to cut costs.

Chairman and Chief Executive Lorenzo Zambrano said last month that the company is committed to find additional cost savings this year of $200 million on top of $700 million already identified.

The reorganization, to take effect May 15, "reflects the commitment to continue improving the development of Cemex’s management team, and entails new prospects for strengthening our operating and financial performance," Cemex said.