CEMEX To Strengthen Geographic Diversification Through New Regional Organization.MONTERREY N.L., Mexico--(BUSINESS WIRE)--Oct. 8, 1998--CEMEX S.A. de C.V. (CMXBY:OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). ) announced today the regrouping of its current operations into three distinct regions, consistent with its strategy of geographic diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. and growth, and to more closely support and manage its worldwide business. The current two areas of CEMEX CEMEX Cementos Mexicanos Mexico and CEMEX International will now be rearranged into the North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , the South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. & Caribbean, and the Europe & Asia regions. The three newly created regions will be headed by the following executives: Francisco Garza, currently President of CEMEX Mexico & USA, will be appointed President of the North America region and will also assume responsibility for the Company's overall trading operations. Victor Romo, President of CEMEX Venezuela, will be President of the South America & Caribbean region. The Europe & Asia region will be headed by Jose Luis Saenz de Miera, current President of CEMEX Spain. All three positions, effective October 15, 1998, will report directly to the company's Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Mr. Lorenzo H. Zambrano. After a distinguished thirteen-year career and having played a significant role in CEMEX's transformation from a regional company into one of the three largest cement producers in the world, Mr. Jose Domene, current President of CEMEX International, has decided to resign from the company to pursue other personal and professional interests. Mr. Domene will remain with the company as long as necessary to ensure a smooth and uneventful transition to the new regional structure. The Senior Executive Management positions occupied by Hector Medina, Executive Vice President of Planning and Finance; Armando J. Garcia Segovia, Executive Vice President of Development; and Mario de la Garza, Vice President of Administration, will continue to report directly to Mr. Zambrano. |
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