The supervisory board of HeidelbergCement extended the contract of CEO Bernd Scheifele by five years, a spokeswoman for the company said.
Scheifele’s contract would have expired in January 2010.
HeidelbergCement wants to reduce the size of its supervisory board so it will not fill the seats that have remained vacant after the deaths of tycoon Adolf Merckle and another supervisor, the spokeswoman said.
HeidelbergCement plans to divest parts of its business and is looking for investors. In the next two years the company will sell assets worth up to EUR 2bn, Scheifele announced on Thursday.