Cemex Announces CEO Transition

Rhea-AI Summary

Cemex announced a significant leadership transition as CEO Fernando A. González will retire after more than 35 years with the company. The Board of Directors has appointed Jaime Muguiro, current President of Cemex USA, as the new CEO, effective April 1, 2025.

Under González's decade-long leadership as CEO, Cemex has achieved notable success, becoming an industry leader in sustainability, innovation, and digitalization. The company has regained its investment-grade ratings and is positioned for continued growth.

Muguiro, who joined Cemex in 1996, brings extensive experience from various executive positions within the company, including Strategic Planning, Business Development, Ready-Mix Concrete, Aggregates, and Human Resources. He has led several regional operations and served as CEO of Cemex Latam Holdings.

Positive

• Company has regained investment-grade ratings
• Strong leadership continuity with internal promotion
• New CEO brings 29 years of company experience across multiple divisions

Negative

• None.

Insights

Corporate Strategy Analyst

The appointment of Jaime Muguiro as Cemex's new CEO represents a strategic continuity play while positioning the company for its next growth phase. Muguiro's extensive experience across multiple business units and regions - including strategic planning, ready-mix concrete, aggregates and human resources - provides him with a comprehensive understanding of Cemex's operations. His successful tenure as President of Cemex USA, the company's largest market, demonstrates proven leadership capabilities in a critical region.

The timing of this transition is particularly significant as it comes when Cemex has achieved several strategic milestones under González's leadership, including:

• Regaining investment-grade ratings, strengthening financial flexibility
• Establishing leadership in sustainability and digitalization initiatives
• Modernizing operations and customer service delivery

Muguiro's appointment signals confidence in the company's current strategic direction while bringing fresh perspective from leading the US operations. His experience as CEO of Cemex Latam Holdings, a previously listed entity, adds valuable public company leadership experience. This background will be important as Cemex navigates challenges including:

• Accelerating the transition to sustainable construction practices
• Managing through market cycles in key regions
• Advancing digitalization initiatives while maintaining operational excellence
• Balancing growth investments with financial discipline

The orderly transition process, with approximately two months' notice, allows for smooth handover of responsibilities and maintains stability for stakeholders. Muguiro's internal promotion after 29 years with the company suggests strategic continuity while bringing fresh operational insights from leading the US business.

• CEO Fernando A. González has decided to retire after a successful career of over 35 years at Cemex
• Jaime Muguiro, current President of Cemex USA, has been appointed as new CEO
• Changes to become effective April 1, 2025

MONTERREY, Mexico--(BUSINESS WIRE)-- Cemex announced today that its CEO, Fernando A. González, has decided to retire after a successful career of over 35 years in the company. The Cemex Board of Directors has appointed Jaime Muguiro as new CEO; these changes will become effective April 1, 2025.

Jaime Muguiro (Photo: Business Wire)

“I want to thank Fernando for his immense contributions to Cemex for the past 35 years,” says Cemex Chairman of the Board of Directors, Rogelio Zambrano. “In over a decade as CEO, Fernando has led Cemex to great success, and he will leave us with a company that is an industry leader in sustainability, innovation, and digitalization to better serve our customers. Cemex has also regained its investment-grade ratings and is poised for continued growth. I am confident that Jaime is the right person to lead Cemex, and that his experience, vision, and expertise will serve the company well as we work to provide even more value for all our stakeholders.”

“My career at Cemex, especially my time as CEO, has been the most rewarding part of my professional life; serving our customers, employees, and stockholders has been a privilege and an honor.” says Fernando A. González. “I am grateful to Rogelio and the Board of Directors for their trust and support over the years, and I am very proud of the great work the Cemex team has done to keep this company at the forefront of the building materials industry. Having worked alongside Jaime for over two decades, I know his dedication, leadership, and business acumen will be key to an even better future for Cemex.”

Jaime Muguiro joined Cemex in 1996 and has held several executive positions in the Strategic Planning, Business Development, Ready-Mix Concrete, Aggregates, and Human Resources areas. He has headed several regional operations for Cemex, including the Mediterranean, South, Central America and the Caribbean, and most recently serves as President of Cemex in the United States. He also served as CEO of Cemex Latam Holdings, which was a publicly listed company.

“I thank Rogelio and the Board of Directors for their trust, and Fernando for his guidance and leadership, both of great inspiration to me,” says Jaime Muguiro. “I am looking forward to this challenge and to collaborating with our customers, employees, and stakeholders to continue building a better future and ushering in a new era of sustainable construction.”

About Cemex

Cemex is a global construction materials company that is building a better future through sustainable products and solutions. Cemex is committed to achieving carbon neutrality through relentless innovation and industry-leading research and development. Cemex is at the forefront of the circular economy in the construction value chain and is pioneering ways to increase the use of waste and residues as alternative raw materials and fuels in its operations with the help of new technologies. Cemex offers cement, ready-mix concrete, aggregates, and urbanization solutions in growing markets around the world, powered by a multinational workforce focused on providing a superior customer experience enabled by digital technologies. For more information, please visit: www.cemex.com

Except as the context otherwise may require, references in this press release to “Cemex,” ”we,” ”us,” ”our,” refer to Cemex, S.A.B. de C.V. (NYSE: CX) and its consolidated subsidiaries. This press release contains forward-looking statements within the meaning of the U.S. federal securities laws. Cemex intends these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These forward-looking statements reflect Cemex’s current expectations and projections about future events based on Cemex’s knowledge of present facts and circumstances and assumptions about future events, as well as Cemex’s current plans based on such facts and circumstances, unless otherwise indicated. These statements necessarily involve risks, uncertainties, and assumptions that could cause actual results to differ materially from Cemex’s expectations, including, among others, risks, uncertainties, and assumptions discussed in Cemex’s most recent annual report and detailed from time to time in Cemex’s other filings with the U.S. Securities and Exchange Commission and the Mexican Stock Exchange (Bolsa Mexicana de Valores), which factors are incorporated herein by reference, which if materialized could ultimately lead to Cemex’s expectations and/or expected results not producing the expected benefits and/or results. Forward-looking statements should not be considered guarantees of future performance, nor the results or developments are indicative of results or developments in subsequent periods. These factors may be revised or supplemented, and the information contained in this press release is subject to change without notice, but Cemex is not under, and expressly disclaims, any obligation to update or correct this press release or revise any forward-looking statement contained herein, whether as a result of new information, future events or otherwise, or to reflect the occurrence of anticipated or unanticipated events or circumstances. Any or all of Cemex’s forward-looking statements may turn out to be inaccurate. Accordingly, undue reliance on forward-looking statements should not be placed, as such forward-looking statements speak only as of the dates on which they are made. The content of this press release is for informational purposes only, and you should not construe any such information or other material as legal, tax, investment, financial, or other advice. All references to prices in this press release refer to Cemex’s prices for Cemex products and services. There is currently no single globally recognized or accepted, consistent, and comparable set of definitions or standards (legal, regulatory, or otherwise) of, nor widespread cross-market consensus i) as to what constitutes, a ‘green’, ‘social,’ or ‘sustainable’ or having equivalent-labelled activity, product, or asset; or ii) as to what precise attributes are required for a particular activity, product, or asset to be defined as ‘green’, ‘social,’ or ‘sustainable’ or such other equivalent label; or iii) as to climate and sustainable funding and financing activities and their classification and reporting. Therefore, there is little certainty, and no assurance or representation is given that such activities and/or reporting of those activities will meet any present or future expectations or requirements for describing or classifying funding and financing activities as ‘green’, ‘social’, or ‘sustainable’ or attributing similar labels. We expect policies, regulatory requirements, standards, and definitions to be developed and continuously evolve over time.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250210684088/en/

Analyst and Investor Relations - New York

Blake Haider

+1 (212) 317-6011

ir@cemex.com

Analyst and Investor Relations - Monterrey

Patricio Treviño Garza

+52 (81) 8888-4327

ir@cemex.com

Media Relations

Jorge Pérez

+52 (81) 8259-6666

Jorgeluis.perez@cemex.com

Source: Cemex

FAQ

When will Cemex (CX) CEO Fernando González retire?

Cemex CEO Fernando González will retire effective April 1, 2025, after more than 35 years with the company.

Who is the new CEO appointed for Cemex (CX)?

Jaime Muguiro, currently serving as President of Cemex USA, has been appointed as the new CEO of Cemex.

What are the key achievements of Cemex (CX) under Fernando González's leadership?

Under González's leadership, Cemex became an industry leader in sustainability, innovation, and digitalization, and regained its investment-grade ratings.

What is Jaime Muguiro's background at Cemex (CX)?

Muguiro joined Cemex in 1996 and has held executive positions in Strategic Planning, Business Development, Ready-Mix Concrete, Aggregates, and Human Resources, as well as leading several regional operations and serving as CEO of Cemex Latam Holdings.