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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 27, 2024 (September 23, 2024)
CRH public limited company
(Exact name of registrant as specified in its charter)
| | | | | | | | | | | | | | |
| | | | |
Ireland | | 001-32846 | | 98-0366809 |
(State or other jurisdiction of incorporation) | | (Commission File Number) | | (I.R.S. Employer Identification No.) |
| | |
Stonemason's Way, Rathfarnham, Dublin 16, D16 KH51, Ireland |
(Address of principal executive offices) |
+353 1 404 1000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| | | | | |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| | | | | |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| | | | | |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d 2(b)) |
| | | | | |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: | | | | | | | | | | | | | | | | | | | | | | | |
| | | | |
Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered | |
Ordinary Shares of €0.32 each | | CRH | | New York Stock Exchange | |
5.200% Guaranteed Notes due 2029 | | CRH/29 | | New York Stock Exchange | |
6.40% Notes due 2033 | | CRH/33A | | New York Stock Exchange | |
5.400% Guaranteed Notes due 2034 | | CRH/34 | | New York Stock Exchange | |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(e) of the Exchange Act ☐
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
Appointment of Chief Executive Officer
On September 24, 2024, CRH public limited company (the “Company”) announced that the Board of Directors of the Company (the “Board”) has appointed Jim Mintern to become the Company’s Chief Executive Officer, effective January 1, 2025. Mr. Mintern will remain on the Board.
Mr. Mintern (age 57) is currently the Chief Financial Officer of the Company and has been a member of the Board since June 2021. Mr. Mintern has over 30 years of experience in the building materials industry, 22 years of which have been with the Company. Prior to being appointed as Chief Financial Officer in June 2021, Mr. Mintern held the role of Chief of Staff to the CEO working closely with divisional and operational leadership from September 2017, having oversight of the Company’s performance programs and leading the planning and execution of some of the Company’s recent large acquisitions including Ash Grove in North America in 2018. He previously held several senior positions across the Company, including Country Manager for Ireland and Managing Director of each of the Western and Eastern regions of the Company’s Europe Materials business.
The terms of Mr. Mintern’s compensation as Chief Executive Officer have yet to be determined. The Company will file an amendment to this Form 8-K when such compensation has been determined.
There are no arrangements or understandings between Mr. Mintern and any other person pursuant to which Mr. Mintern was appointed to serve as Chief Executive Officer of the Company. There are no family relationships between Mr. Mintern and any director or executive officer of the Company, and Mr. Mintern has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
Retirement of Chief Executive Officer and Member of Board of Directors
Additionally, on September 24, 2024, the Company announced that Albert Manifold will retire from his position as Chief Executive Officer and as a member of the Board, effective December 31, 2024. In accordance with his existing service agreement with the Company, beginning January 1, 2025, Mr. Manifold will continue as an employee of the Company until his retirement as an employee of the Company on December 31, 2025. Mr. Manifold’s retirement is not the result of any disagreement with the Company with respect to any matter relating to the Company’s financial controls, financial statements, operations, policies, or practices.
The Company and Mr. Manifold entered into a letter agreement with respect to certain transition and compensation arrangements related to his retirement (the “Letter Agreement”). Pursuant to the Letter Agreement, Mr. Manifold’s (i) awards under the Company’s Performance Share Plan for the 2022-2024 and 2023-2025 performance periods will remain eligible to vest without proration based on the achievement of actual performance following the end of the applicable performance periods and (ii) deferred shares will accelerate and vest effective as of December 31, 2025. The Company and Mr. Manifold also clarified in the Letter Agreement the basis under which Mr. Manifold covenants not to compete with the Company or solicit employees or customers of the Company.
The foregoing summary of the Letter Agreement is qualified in its entirety by reference to the Letter Agreement, a copy of which will be included as an exhibit to the Company’s quarterly report on Form 10-Q for the fiscal quarter ending September 30, 2024.
Item 7.01 Regulation FD Disclosure.
On September 24, 2024, the Company issued a press release announcing the retirement of Albert Manifold as Chief Executive Officer and as a member of the Board and the appointment of Jim Mintern as
Chief Executive Officer. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
The information disclosed in this Current Report on Form 8-K pursuant to this Item 7.01 (including Exhibit 99.1 attached hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in any such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| | | | | | | | |
Exhibit No. | | Description |
99.1 | | |
104 | | Cover Page Interactive Data File (formatted in Inline XBRL) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: September 27, 2024
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | | CRH public limited company |
| | | |
| | | | | | /s/ Neil Colgan |
| | | | By: | | Neil Colgan |
| | | | | | Company Secretary |
Exhibit 99.1
| | |
This document contains inside information Press Release CRH Announces CEO Succession CRH announces the appointment of Jim Mintern as next Chief Executive Officer, succeeding Albert Manifold who retires at the end of 2024. |
NEW YORK – September 24, 2024 – CRH plc (NYSE: CRH), the leading provider of building materials solutions, announces that Albert Manifold has decided to retire as Chief Executive Officer at the end of 2024 and that he is to be succeeded by Jim Mintern.
Mr. Mintern is currently CRH’s Chief Financial Officer and has been a director of its board since June 2021. He has over 30 years of experience in the building materials industry and 22 years with CRH, serving in various senior leadership roles. Mr. Mintern has deep industry knowledge, has led a variety of operational businesses, and is an accomplished developer of teams and people. He also has extensive portfolio management, financial and capital markets expertise. Most recently, Mr. Mintern led the strategic transition of CRH’s primary listing to the New York Stock Exchange.
Mr. Manifold has held varied responsibilities with CRH since he joined in 1998. He was appointed Chief Executive Officer in January 2014. Mr. Manifold will step down from the board and relinquish his executive responsibilities on December 31, 2024. He will continue as an advisor to CRH for a further 12 months.
Announcing the appointment, Richie Boucher, Chairman of CRH said:
“The Board has a significant focus on succession planning throughout CRH. With the support of independent advisors, we have followed best practice, including a review of external candidates, and we have carefully monitored the development plans for potential internal candidates.”
“Over recent years we have closely observed Jim’s character, qualities and abilities, as well as his significant influence on the evolution of CRH. We are very pleased to have a successor of such caliber and are confident that Jim is best positioned to lead the CRH team, building the future of the company for the benefit of our investors, customers, colleagues and communities.”
“Jim will become the Chief Executive Officer of a high performing company in robust strategic and financial health, after 11 years of exceptional leadership from Albert.”
“CRH has made enormous progress thanks to Albert’s clear vision and his leadership of a talented, hard-working team. CRH is a very focused, high performing group and is recognized by its customers as the industry’s leading provider of innovative building materials solutions. Under Albert’s leadership CRH has delivered superior growth and performance with consistently improving profitability, cash generation and returns.”
Chief Executive Officer Albert Manifold said:
“I am pleased that Jim, who has a deep understanding of CRH, will succeed me when I retire at the end of this year. This will be his time.”
“Jim’s experience, capabilities and ambition for the business ideally position him to lead the CRH team forward through an era of enormous opportunity.”
“It has been a privilege to lead CRH. I am profoundly grateful to my colleagues within the business and on the board for their commitment and support over the years as the entire team has strengthened and grown our company, positioning CRH for a bright future ahead.”
Jim Mintern, incoming Chief Executive Officer said:
“It is an incredible honor for me to be appointed the next CEO at such an exciting time for CRH.”
“CRH has an impressive legacy of continuous growth and financial performance by providing value enhancing solutions for its customers. I look forward to working alongside our highly talented team as we build on this foundation and continue to successfully grow the business while delivering exceptional returns for our shareholders.”
****
| | | | | |
Albert Manifold | Chief Executive |
Jim Mintern | Chief Financial Officer |
Lauren Schulz | Chief Communications Officer |
Tom Holmes | Head of Investor Relations |
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (as incorporated into UK domestic law by virtue of the UK's European Union (Withdrawal) Act 2018 and the Market Abuse (Amendment) (EU Exit) Regulations 2019). For the purposes of Article 2 of Commission Implementing Regulation (EU) 2016/1055, the person responsible for arranging for the release of this announcement on behalf of CRH plc is Neil Colgan, Company Secretary. The date and time of this statement is the same as the date and time that it has been communicated to the media.
About CRH
CRH (NYSE: CRH, LSE: CRH) is the leading provider of building materials solutions that build, connect and improve our world. Employing approximately 78,500 people at approximately 3,390 operating locations in 28 countries, CRH has market leadership positions in both North America and Europe. As the essential partner for transportation and critical utility infrastructure projects, complex non-residential construction and outdoor living solutions, CRH’s unique offering of materials, products and value-added services helps to deliver a more resilient and sustainable built environment. The company is ranked among sector leaders by Environmental, Social and Governance (ESG) rating agencies. A Fortune 500 company, CRH’s shares are listed on the NYSE and LSE.
Forward-Looking Statements
Some statements in this news release may constitute forward-looking statements, including with respect to CRH’s future growth prospects. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements, including the risks and uncertainties described under “Risk Factors” in Part 1, Item 1A of CRH’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 as filed with the SEC and in CRH's other filings with the SEC.
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