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Business Reporter
Lafarge Cement this week announced the resignation of one of its longest serving board members, David Leslie Cruttenden, amid rumours of expected sale of the company.
Mr Cruttenden, the former chief executive of the logistics firm Unifreight Zimbabwe, has been a board member for Lafarge since 2006.
His departure was communicated by the company in a statement this week.
The company also wishes to announce the resignation of Mr David Leslie Cruttenden from the Board of Directors with effect from December 31, 2021.
“Mr Cruttenden has served on the Lafarge Cement Zimbabwe Limited board since April 2006, and was the chairperson of the audit and risk management committee at the time of his resignation,” the notice read.
Mr Cruttenden was replaced by veteran corporate governance practitioner Shepherd Shonhiwa who was appointed to the board with effect from January 1, 2022.
“The board of directors of Lafarge Cement Zimbabwe Limited is pleased to announce the appointment of Mr Shepherd Shonhiwa as an Independent non-Executive Director with effect from 1 January 2022,” Lafarge said.
Over the past 30 years, Mr Shonhiwa has held positions of chief operating officer Times Media Ltd, chief executive officer of Tepco Petroleum, managing director Shell LPG Southern Africa, managing director Egoli Natural Gas Reticulation Business, General Manager Ford Swaziland and director TA Management Services (Zimbabwe).
Lafarge Zimbabwe is a unit of Holcim Limited, a French company, and the board changes come as the company is said to be on the verge of being sold to a Chinese investor.
“We are constantly evaluating possibilities to align our portfolio with this vision to open new growth opportunities for our company,” a Holcim spokesman told Bloomberg in February. He would not comment on “market rumours” that the Zimbabwe unit may be among the units being sold off.
Lafarge Zimbabwe is one of the country’s biggest cement companies, and has been increasing investment to take advantage of rising cement demand. But it could become part of Holcim’s global consolidation strategy.
Rumours say the likely buyer is Huaxin Cement, one of China’s biggest cement companies. Huaxin bought Lafarge Zambia and Lafarge Cement Malawi late last year.
In June, Huaxin bought 75 percent of Lafarge Zambia for US$150 million and spent US$10 million to buy Pan African Cement from Lafarge Cement Malawi. In 2020, Huaxin bought Tanzania’s Marvini Limestone for US$145 million, its first investment in Africa.
Last year, Holcim sold part of its Ghana business and disposed of its Brazil unit for US$1 billion.
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