Lafarge Malaysia president and CEO steps down after 7 months on the job

-A +A

KUALA LUMPUR (Nov 16): Mario Bastian Gross has stepped down from his role as president and chief executive officer (CEO) of Lafarge Malaysia Bhd after seven months on the job, as he is assigned to a new role within the Swiss LafargeHolcim Group.

The 40-year-old German will continue as a non-independent non-executive director from Nov 16 until Dec 31 this year to facilitate the transition.

In a filing with Bursa Malaysia today, Lafarge Malaysia said Gross was appointed to his current post on April 1.

"During his tenure here, Gross laid the groundwork for the business turnaround plan, putting in place an experienced leadership team and strengthened the fundamentals of the company and reorganised the company to more efficient," the group said in a separate statement.

Lafarge Malaysia said its long-time chief financial officer Yeoh Khoon Cheng, 60, will be appointed as interim CEO effective today.

In a separate filing, Lafarge Malaysia said Tan Sri Dr Rebecca Fatima Sta Maria, 61, has voluntarily resigned as an independent and non-executive director of the group.

The former secretary-general of the ministry of international trade and industry was appointed to her current role on Nov 29, 2016.

Lafarge Malaysia slipped into the red in the financial year ended Dec 31, 2017 (FY17), posting a net loss of RM215.16 million compared with a net profit of RM76.67 million in FY16. Revenue also fell 11.9% to RM2.25 billion in FY17 from RM2.55 billion.

Lafarge Malaysia shares closed down one sen or 0.49% at RM2.02 today, with 712,000 shares done, bringing a market capitalisation of RM1.72 billion.