By Dipo Olowookere
Lafarge Africa Plc has announced the “voluntary retirement” of its Chairman, Mr Mobolaji Balogun, after five years on the position.
Mr Balogun joined the board company over 15 years ago precisely in March 2005 and served for the first 10 years as a non-executive director before his appointment as Chairman in May 2015.
In a statement on Thursday, the cement manufacturer said Mr Balogun would be succeeded by Mr Adebode Adefioye, a non-executive director on the board, as Chairman effective June 4, 2020 and then step down from all board committees of the company on assumption of office.
Speaking on his retirement, Mr Balogun said, “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.
“Prince 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 Prince 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.”
While commenting on his new role as Chairman of Lafarge Africa, Mr Adefioye said, “I am honoured to be appointed Chairman of this great company.
“Mr Mobolaji Balogun has been an exemplary and resourceful leader who has contributed in no small measure to steering the company through the most difficult times leading to a healthier financial position of the company.
“In bearing the torch further, I look forward to working with Mr Khaled El Dokani, his management team and the board of Lafarge Africa to ensure positive outcome for the company’s objectives.”
On his part, Mr Dokani, Lafarge Africa’s Group Managing Director, stated that, “With our strengthened balance sheet and clear strategy to deliver innovative solutions to our customers, increase trust and value creation for all shareholders, employees and communities where we operate through our sustainability goals, I look forward to working closely with Mr Adefioye as the new Chairman of the board, to deliver on the company’s strategy.
“I also want to express my sincere appreciation to Mr 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 Mr 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.”
Business Post reports that the new Chairman of Lafarge Africa is currently the Chairman, Board Finance and Strategy Committee; Chairman, Board Property Optimization 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 December 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.
He also sits on the Governing Council of Bank Directors Association in Nigeria.
Adedapo Adesanya