LafargeHolcim Global CEO to step down

LafargeHolcim CEO Mr. Eric Olsen will step down following an internal investigation into a plant the Cement company operated in Syria until September 2014. Human rights groups have alleged that the company helped finance terrorism.
Though Mr. Olsen was not directly responsible for the operations in Syria, but was running the plant as Senior Manager in charge of operations at Lafarge.
French prosecutors have opened a preliminary enquiry into alleged dealings between the company and sanctioned groups in Syria. The company has refused to comment further in view of legal proceedings, however has assured to strengthen internal controls to avoid repeat of such an incident.
Mr. Olsen would leave on the company on 15th July. Mr. Beat Hess, current Chairman of the group, will take over as interim CEO.
Source: Financial Times

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