It said that Mr Adebode Adefioye would succeed Balogun as Chairman effective June 4.

The statement said Adefioye, a Non-Executive Director of the Company, was the Chairman, Board Finance and Strategy Committee, Chairman, Board Property Optimisation Committee and a Member of the Nominations, Governance and Remuneration Committee.

“He has also served on the Statutory Audit Committee and the Risk Management & Ethics Committee of the Company.

“He has over 32 years work experience in different industries and is a graduate of the University of Lagos with Masters of Science degree. He is a member of the Institute of Directors and the Institute of Public Analysts of Nigeria.

“He was appointed to the Board of Directors on Dec. 20 2012 and currently sits on the Boards of Wema Bank Plc as a Non-Executive Director and Eterna Plc as an Independent Non-Executive Director,”it said.

The statement added that Adefioye would step down from all Board Committees of the Company on assumption of the role as Chairman of the Board.

Commenting on the retirement, Balogun said he was happy to oversee the progress in the company’s transformation plan.

“Having overseen the progress in our transformation plan, the clean-up of our balance sheet, its return to robust profitability, streamlining of our operations, the renewal of our board and the smooth CEO and CFO succession plan, it is with a deep sense of gratitude to God that I feel fulfilled in retiring as Chairman, knowing that the board and our company is in very good shape.

“My thanks to all our staff, my colleagues on the board for their unwavering commitment and support. Lafarge Africa has enjoyed strong shareholder and market support, for which I remain grateful.

“Adefioye has been an active member of the Board and brought added skills to the Board in an energetic and pragmatic manner.

“He understands the heritage and fits within the culture of Lafarge Africa at Board, operational and within the global business, and he also acknowledges the absolute need for continuity being an essential aspect of him taking on the role of Chairman at this pivotal time.

I am delighted that the Board was able to appoint him into this role and Adefioye will now lead the Company into its next phase, and I pray for a successful tenure for him.

“I ask all of our shareholders and stakeholders to give him your support and keep him in your prayers”, Balogun said.

Mr Khaled El Dokani, Lafarge Africa’s Group Managing Director, commended the outgoing chairman for support and guidance in building a strong brand.

“With our strengthened balance sheet and clear strategy to deliver innovative solutions to our customers, increase trust and value creation all shareholders, employees and communities where we operate through our sustainability goals, I look forward to working closely with Adefioye as the new Chairman of the Board, to deliver on the company’s strategy.

“I also want to express my sincere appreciation to Balogun for the limited time that I have worked with him.

“I have seen all the support and guidance to ensure a strong and constructive start for my role in the company.

“Despite the short period of time, I have enjoyed working closely with Balogun and want to thank him for his time, effort and dedication granted to the company over the years, and I wish him all the success he deserves”, he said. (NAN)