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Cemex, S.A.B. de C.V. (CX) is a global leader in the construction industry, specializing in the production, marketing, sale, and distribution of essential building materials. The company provides innovative solutions for urbanization and infrastructure development, offering products such as cement, ready-mix concrete, aggregates, and other construction materials and services. Cemex operates across multiple regions, including Mexico, the United States, Europe, Middle East, Africa, Asia, and South, Central America, and the Caribbean.
- Cement - Produces and distributes cement, a fundamental material for construction projects worldwide.
- Concrete - Operates ready-mix concrete plants globally, delivering tailored concrete solutions for diverse construction needs.
- Aggregates - Supplies crushed stone, sand, and gravel, essential for construction and infrastructure projects.
- Urbanization Solutions - Offers products and services for urban development, including concrete products, admixtures, and infrastructure solutions.
- Others - Provides additional construction materials and services, including recycling and sustainability-focused solutions.
Name | Position | External Roles | Short Bio | |
---|---|---|---|---|
Fernando A. González Olivieri [March 25 ExecutiveBoard | Chief Executive Officer (CEO) | Member of the Board of Directors of GCC, S.A.B. de C.V.; Member of the Board of Directors of Axtel, S.A.B. de C.V.; Member of the Board of Trustees of Tecmilenio University; President of the Global Cement and Concrete Association | Fernando A. González Olivieri is the CEO of Cemex since 2014. Previously, he served as CFO from 2011 to 2014 and joined Cemex’s Board of Directors in 2015. | |
Jaime Muguiro Domínguez [March 25 ExecutiveBoard | CEO of Cemex | Jaime Muguiro Domínguez has been a key leader at CX, serving as President of Cemex USA since 2019 and now assumed the role of CEO of Cemex effective April 1, 2025, highlighting his extensive commitment to the company since joining in 1996. He was elected to Cemex’s Board of Directors on March 25, 2025, reinforcing his strategic leadership. | ||
Maher Al-Haffar [March 25 ExecutiveBoard | Executive Vice President of Finance and Administration and Chief Financial Officer (CFO) | UN Global Compact CFO Coalition for the SDGs; NYSE Advisory Board | Maher Al-Haffar has been the Executive Vice President of Finance and Administration and Chief Financial Officer (CFO) at Cemex since 2020. He joined Cemex in 2000 and has held several key leadership roles, and he also serves on external boards including the UN Global Compact CFO Coalition for the SDGs and the NYSE Advisory Board. | |
Rogelio Zambrano Lozano [March 25 ExecutiveBoard | Executive Chairman of Cemex's Board of Directors | Co-Chief Executive Officer at Carza, S.A.P.I. de C.V.; Executive Chairman at Carza, S.A.P.I. de C.V.; Alternate Board Member at Banco Santander México, S.A.; Regional Council Member at Banco de México; Member at Consejo Mexicano de Negocios; Board of Trustees Member and Visiting Professor at Instituto Tecnológico y de Estudios Superiores de Monterrey; Founding Partner and Board Member at Proyectos Industriales Carza; Board Member at Grupo Vigia, S.A. de C.V.; Board Member at GreenPaper (Productora de Papel, S.A. de C.V.); General Board Member at Universidad de Monterrey, A.C. | Rogelio Zambrano Lozano has served as the Executive Chairman of Cemex's Board of Directors since 2014 after joining the board in 1987. He is a seasoned leader with extensive experience in corporate governance and sustainability, and he holds multiple external roles. | |
Jesús Vicente González Herrera [March 25 Executive | President of Cemex South, Central America, and the Caribbean | Jesús Vicente González Herrera has served as President of Cemex South, Central America, and the Caribbean since 2019. He joined Cemex in 1998 and has previously held several senior roles including Corporate Director of Strategic Planning, Vice President of Strategic Planning in Cemex USA, President of Cemex Central America and UK, and Executive Vice President of Sustainability and Operations Development. | ||
Juan Romero [March 25 Executive | Executive Vice President of Sustainability, Commercial, and Operational Development | Vice President and representative of the board of directors of the National Chamber of Cement (appointed June 2011) ; Member of the board of directors of GCC, S.A.B. de C.V. | Juan Romero joined Cemex in 1989 and rose through several senior roles. He held the executive position of Executive Vice President of Sustainability, Commercial, and Operational Development as of March 25, 2025 before retiring effective June 1, 2023. | |
Luis Hernández Echávez [March 25 Executive | Executive Vice President of Digital and Organization Development | Luis Hernández Echávez has been with Cemex since 1996. He currently serves as Executive Vice President of Digital and Organization Development at Cemex, a role he has held since 2020 and in which he oversees Organization and Human Resources, Information Technology, Digital Innovation, and Cemex Ventures. | ||
Mauricio Doehner Cobián [March 25 Executive | Executive Vice President of Corporate Affairs, Enterprise Risk Management and Social Impact | Vice President of Social Responsibility and Vertebration at COPARMEX ; Board member at Vista Oil & Gas, S.A.B. de C.V. ; Board member at Trust for the Americas ; Board member at EGADE Business School ; Board member at Museo de Arte Contemporáneo de Monterrey, A.C. | Executive Vice President at Cemex since 2021, having joined the company in 1996 and held various roles in strategic planning and enterprise risk management. | |
Ricardo Naya [March 25 Executive | Executive Vice President of Sustainability and Operations Development | Ricardo Naya currently serves as Executive Vice President of Sustainability and Operations Development at Cemex since April 1, 2025. Previously, he was President of Cemex Mexico starting in 2019 and has held various executive positions at Cemex since 1996. | ||
Armando J. García Segovia [March 25 Board | Independent Director | Member of the board of directors of Hoteles City Express, S.A.B. de C.V. ; Independent member of the board of directors of GCC, S.A.B. de C.V. ; Board member of Innovación y Conveniencia, S.A. de C.V., PYOSA Industrias, S.A.P.I. de C.V., and Universidad de Monterrey, A.C. (UDEM) ; Founder and Chairman of the Board of Directors of Comenzar de Nuevo, A.C. ; Honorary Consul in Monterrey of the Kingdom of Denmark | Armando J. García Segovia has been an Independent Director on Cemex's Board of Directors since 1983 and serves as President of the Sustainability, Climate Action, Social Impact, and Diversity Committee since 2014. He is noted for his long-standing dedication to sustainability and corporate governance. | |
David Manuel Martínez Guzmán [March 25 Board | Independent Director | Founder and principal of Fintech Advisory Inc. (established in 1987); Managing Director of Fintech Advisory, Ltd.; Board Member of ICA Tenedora, S.A. de C.V.; Board Member of Alfa, S.A.B. de C.V.; Board Member of Vitro, S.A.B. de C.V.; Board Member of Sabadell Bank | David Manuel Martínez Guzmán has been serving as an Independent Director at Cemex since 2015. He brings extensive expertise in financial management, sovereign debt restructuring, and corporate restructuring to the board. | |
Everardo Elizondo Almaguer [March 25 Board | Independent Director at Cemex [since 2016] | Grupo Financiero Banorte, S.A.B. de C.V. ; Compañía Minera Autlán, S.A.B. de C.V. ; Gruma, S.A.B. de C.V. ; Afore XXI-Banorte, S.A. ; Rassini, S.A.B. de C.V. | Everardo Elizondo Almaguer serves as an Independent Director at Cemex since 2016 and holds a significant governance role as President of the Audit Committee since 2019. His expertise in financial systems and macroeconomic environments reinforces his contributions to corporate best practices. | |
Francisco Javier Fernández Carbajal [March 25 Board | Independent Director | Member of the board of directors of Alfa, S.A.B. de C.V.; Member of the board of directors of VISA, Inc.; Alternate member of the board of directors of Fomento Económico Mexicano, S.A.B. de C.V. (FEMSA) | Francisco Javier Fernández Carbajal has served as Independent Director at Cemex since 2012 and as President of the Corporate Practices and Finance Committee since 2019. With over 40 years of experience in strategic planning and risk management, he provides key governance insights at Cemex. | |
Gabriel Jaramillo Sanint [March 25 Board | Independent Director on the Board of Directors | Member of the Board of Directors at Minerva Foods ; Founder and Director of a sustainable economic development program in the Orinoco Basin ; Board Member at Centro Hospitalario Tatama ; Board Member at Medicines for Malaria Ventures ; Board Member at BTG Pactual Bank | Gabriel Jaramillo Sanint has been serving as an Independent Director at CX since 2018 and as a member of the Audit Committee since 2023. He is a seasoned professional with extensive experience in finance and sustainability, having contributed to major financial institutions and global initiatives. | |
Isabel María Aguilera Navarro [March 25 Board | Independent Director on Cemex's Board of Directors | Oryzon Genomics, S.A.; Lar España Real Estate SOCIMI, S.A.; Clínica Baviera; Making Science; Independent consultant and executive in residence at Esade Business School; Member of the board of directors of Canal de Isabel II | Isabel María Aguilera Navarro has served as an Independent Director on Cemex's Board since 2019. She also contributes to the Sustainability, Climate Action, Social Impact, and Diversity Committee since 2023, and brings extensive leadership experience from multinational roles such as at General Electric and Google. | |
Isauro Alfaro Alvarez [March 25 Board | Member, Corporate Practices and Finance Committee | Isauro Alfaro Alvarez serves on Cemex's Corporate Practices and Finance Committee since March 25, 2025. No additional background or prior roles have been provided. | ||
Marcelo Zambrano Lozano [March 25 Board | Non-Independent Director | Member of technical committee of CARZACK 18 ; Member of technical committee of Fibra Inn | Marcelo Zambrano Lozano has served as the Non-Independent Director at CX since 2017. He also contributes on the Sustainability, Climate Action, Social Impact, and Diversity Committee and has extensive expertise in real estate and construction. | |
María de Lourdes Melgar Palacios [March 25 Board | Independent Director on the Board of Directors | Member of the Board of Directors of Smurfit Westrock Group PLC; Member of the Board of Directors of Banco Santander México; Member of the Board of Directors of Mount Holyoke College; Member of the Board of Directors of Global Energy Alliance for People and Planet; Member of the Board of Directors of Natural Resource Governance Institute; Member of Phius; Member of Chapter Zero Mexico; Researcher at MIT Center of Collective Intelligence; Non-resident Researcher at Baker Institute Center for Energy Studies | María de Lourdes Melgar Palacios has served as an Independent Director at Cemex since March 23, 2023. She brings extensive experience from board roles and academic research, having held positions at Smurfit Westrock Group PLC and Banco Santander México. | |
Ramiro Gerardo Villarreal Morales [March 25 Board | Independent Director | Member of the Board of Directors at Andean Precious Metals ; Member of the Board of Directors and alternate member of the Audit and Corporate Practices Committee at GCC, S.A.B. de C.V. ; Member of the Board of Directors, Audit Committee, and Corporate Practices Committee at Vinte Viviendas Integrales, S.A.B. de C.V. ; Member of the Advisory Board at Arendal | Ramiro Gerardo Villarreal Morales is an Independent Director at CX since 2017. He brings over 50 years of professional experience and previously served as General Legal Director from 1987 until December 2017. | |
Rodolfo García Muriel [March 25 Board | Member of the Board of Directors | CEO of Compañía Industrial de Parras, S.A. de C.V.; Chairman of the Board of Directors of Grupo Romacarel, S.A.P.I de C.V. | Rodolfo García Muriel has served on Cemex's Board of Directors since 1985 and is a member of its Corporate Practices and Finance Committee (since 2015) and Audit Committee (since 2016). Outside of CX, he is the CEO of Compañía Industrial de Parras, S.A. de C.V. and Chairman of the Board of Directors of Grupo Romacarel, S.A.P.I de C.V. |
- Given the delays in pricing increases in Texas due to weather disruptions in the first half of 2024, what concrete measures are you implementing to mitigate such risks in future volatile seasons, and how will these efforts ensure consistent pricing execution across your U.S. markets?
- With several of your quarries nearing end of life and replacement production not materializing on schedule, what is your plan to sustain aggregates supply and maintain margin stability in 2025?
- Your strategic CapEx guidance increased to $600 million this year, yet you mentioned no additional EBITDA contributions outside of guidance; how do you plan to balance these growth investments with your progressive dividend and $500 million share buyback program?
- In light of the challenging landscape in Mexico—exacerbated by FX volatility and an anticipated 20% depreciation—what specific actions are you taking to stabilize volumes and offset margin headwinds in the region?
- You noted that the gap between pricing increases and cost inflation has significantly narrowed, particularly compared to the high inflation environment in 2022; how will you adjust your pricing strategy to protect margins if input cost inflation remains volatile in the near term?
Notable M&A activity and strategic investments in the past 3 years.
Company | Year | Details |
---|---|---|
SHTANG Recycle LTD | 2023 | Cemex acquired a 51% ownership stake for $13 million, securing a 13-year facility license for a state-of-the-art CDEW recycling facility with an expected processing capacity of 600,000 tons of waste yearly, supporting its circular and sustainable business strategy by using recycled materials in its Regenera operations. |
Atlantic Minerals Limited | 2023 | Cemex signed a definitive agreement on January 24, 2023 for a $75 million acquisition of a construction and chemical aggregates quarry and port operations in Newfoundland, Canada; the deal, closing late April 2023, was aimed at expanding U.S. aggregates reserves by approximately 20% and supporting long-term operations on the east coast. |
Recent press releases and 8-K filings for CX.
- Record Q1 net income of US$734 million with net sales of US$3,649 million and EBITDA of US$601 million, confirming full-year EBITDA guidance.
- New CEO Jaime Muguiro outlined a strategy emphasizing operational excellence, increased free cash flow, and disciplined capital allocation through Project Cutting Edge, targeting US$150 million in EBITDA savings for 2025 and US$350 million by 2027.
- On April 1, 2025, Cemex SAB de CV submitted a 6-K informing the Mexican Stock Exchange that it delivered a notice of full redemption for its subordinated notes due to a change in rating methodology event.
- The notice covers the $1,000,000,000 9.125% Subordinated Notes, with redemption scheduled for April 10, 2025 and funding planned using $500 million cash and a $500 million revolving credit facility drawdown.
- Cemex released its 2024 Integrated Report "Our Future in Action: Accelerating a Sustainable World" on March 25, 2025, reporting a record net income of US$939 million and recovery of its investment-grade rating .
- The report outlines strategic sustainability initiatives with 15% (Scope 1) and 18% (Scope 2) cement CO₂ emission reductions, plus a €157 million EU Innovation Fund grant for CO₂ capture at Rüdersdorf .
- At the Extraordinary Shareholders’ Meeting, Cemex SAB de CV approved key governance measures, updating bylaws to enable electronic attendance, modern meeting protocols, and enhanced board independence .
- During the Ordinary General Shareholders’ Meeting on March 25, 2025, a cash dividend of USD $130 million (in four installments) was approved along with authorization for up to USD $500 million in share repurchases .
- A significant portfolio rebalancing was completed with US$2.2 billion in announced divestitures targeting developed markets .
- Enhanced stakeholder engagement is evident with a Net Promoter Score of 74 and a 60% increase in order adoption via the Cemex Go Acceleration Program .
- Cemex SAB de CV will pay the fourth installment of its cash dividend, including a payment of USD $30 million for common shares, with dividend amounts of USD $0.000689 per share, USD $0.002067 per CPO, and USD $0.020670 per ADS.
- The dividend arises from the Net Tax Profit Account as of December 31, 2013, ensuring no tax withholding, and payments are scheduled for March 11, 2025 (shares and CPOs) and around March 18, 2025 (ADS).
- An exchange rate of 20.2830 Mexican pesos per USD was applied, as determined by Banco de México on March 7, 2025.
- Cemex declared a cash dividend of USD $120 million in four equal installments, with the fourth installment of USD $30 million detailed in this report.
- Dividend rates are set at approximately USD $0.000689 per share, USD $0.002067 per CPO, and USD $0.020670 per ADS, with respective payment dates in March 2025 and a record date of March 10, 2025.
- The dividend is being paid from the Net Tax Profit Account (CUFIN) as of December 31, 2013, indicating no tax withholding will be applied.
- Upcoming shareholder meetings: The document details both an Ordinary and an Extraordinary General Shareholders Meeting scheduled for March 25, 2025, with relevant proposals and supporting documentation available on the company’s website.
- Financial and operational disclosures: It includes the CEO report, the 2024 audited consolidated and separate financial statements, and various board and committee reports crucial for shareholder review.
- Key proposals: The filing outlines proposals regarding profit allocation with a cash dividend declaration, board of directors’ appointments, committee designations, and amendments to corporate bylaws.
- Financial Statements Released: The document presents Cemex’s consolidated financial statements (income, comprehensive income, balance sheet, and cash flows) for the years ended December 31, 2024, 2023, and 2022, which are subject to shareholder approval at the upcoming meeting.
- Operational and Divestiture Updates: It details revenue segments, cost breakdowns, and highlights discontinued operations including divestitures (e.g., the sale of assets in the Dominican Republic).
- Financing and Covenant Compliance: The filing outlines key financing elements such as the 2023 Credit Agreement, sustainability-linked debt details, and compliance with financial covenants.
- CEO Transition: CEO Fernando A. González will retire after over 35 years at Cemex, with Jaime Muguiro appointed as the new CEO effective April 1, 2025 .
- Strategic Positioning: The announcement underscores Cemex's focus on sustainability, innovation, and maintaining its investment-grade ratings to drive future growth .
- Senior Leadership Changes: Key appointments include Jesus Gonzalez as President of Cemex USA and Sergio Menendez as President of Cemex Mexico, among other global leadership shifts, all effective April 1, 2025 .
- Organizational Enhancement: The reorganization reflects Cemex’s commitment to enhancing its structure and leadership development in alignment with its global strategy .
- Cemex reported a record Net Income of US$939 million and consolidated EBITDA of US$3,079 million for FY 2024, backed by its strongest free cash flow since 2017 and an investment-grade rating with a leverage ratio of 1.81x .
- Introduced Project Cutting Edge, a $350M three-year savings program expected to deliver US$150 million in incremental EBITDA in 2025 and achieve a US$350M run rate by 2027 .
- Announced a progressive dividend policy, a $500M share buyback program, and raised strategic CapEx guidance to $600M for 2025 .
- Maintained stable EBITDA margins despite lower volumes, FX headwinds and cost inflation, with guidance for flattish EBITDA performance in 2025 amid challenging conditions in Mexico .
- Executed US$2.2 billion in divestments of non-core assets and advanced decarbonization with Scope 1 and Scope 2 CO₂ reductions of 15% and ~17% versus 2020 .
- Scheduled Ordinary & Extraordinary General Shareholders Meetings on March 25, 2025 in Monterrey, covering the CEO’s 2024 report, consolidated financials, a USD 130M dividend proposal, board appointments, and bylaw amendments in line with new Mexican legislation .
- Cemex closed the sale of its operations in the Dominican Republic and Haitian businesses for a total enterprise value of US$950 million before standard adjustments.
- The divested assets include a cement plant with two integrated production lines, marine terminals, and a commercialization business.
- The announcement was made via a Form 6-K filing on January 30, 2025, covering Q4 2024.