Finance director to take top post at CRH

FINANCE DIRECTOR Myles Lee is set to take the top job at building materials giant CRH when chief executive Liam O'Mahony steps down in December.

Mr O'Mahony is due to retire as chief executive on December 31st, following a career with the company during which he served in a range of senior posts over three decades.

CRH announced yesterday that it has appointed Mr Lee as "group chief executive designate".

The group said that it is creating a new post, chief operating officer, which the current boss of its European materials division, Albert Manifold (45), will fill.

Mr Lee (55) is an accountant and civil engineer. He joined CRH in 1982 and became general manager finance six years later.

In November 2003, CRH appointed him as finance director. He joined the board at that point.

Mr Manifold has been with CRH for 10 years.

He has served in a variety of senior jobs, including group development director and, since July 2007, managing director of Europe Materials.

CRH said yesterday the creation of the chief operations officer post reflected the evolution of the group's organisational structure.

The Clondalkin, Dublin-based group had sales of €21 billion last year and profits before tax of €2 billion.

Its business is divided roughly equally between the US and Europe, and it has taken its first steps into emerging markets in the Far East with acquisitions in China and India.

About 5 per cent of its profits come from its Irish businesses. It is one of the largest players in its business in the world.