Another CRH executive defects to join forces with rival company
GLEN Culpepper, the CRH finance chief who left the company for "personal reasons" in May, has joined one of the cement behemoth's key rivals.
Culpepper, who was promoted to the number two slot at CRH when Myles Lee became CEO, joined US-based Summit Materials at the start of this month. He will serve as the company's finance chief.
The defection of €1.1m-per-year Culpepper to Summit Materials is the latest in a series of top-floor exits at CRH -- many of whom have left to join Summit, which was set up by former CRH executive Tom Hill last year. Hill ran CRH's US operations and was widely tipped to become the company's chief executive when Liam O'Mahony retired in 2008. However, he was pipped to the job by Myles Lee. Hill subsequently left CRH with a €2.2m pay-off.
Sources close to CRH indicated that it had no idea that Culpepper was going to join Summit when he left the company. The Irish company is understood not to have made its executives sign non-compete clauses as they are too costly and difficult to enforce.
Last December the Sunday Independent revealed that top CRH executives Michael Brady, Tony Keenan, Anya Fonina and Damian Murphy had defected to join Hill's company. Summit raised more than €550m from its backers, including giant US private equity firm Blackstone and SilverHawk.