Manifold destiny as CRH taps Albert to replace chief exec Lee
Albert Manifold – the chief operating officer (COO) of Ireland's biggest company CRH – has been named as the successor to chief executive Myles Lee.
The building materials giant said Mr Manifold has been selected as its chief executive designate and will take up the role when Mr Lee retires at the end of this year.
Mr Manifold (50) joined CRH in 1998 after working with a private equity group and has served in a number of roles within the company.
He was tipped as the contender most likely to succeed Mr Lee, who has been with CRH for 32 years.
Mr Manifold was previously managing director of the group's Europe materials division and group development director. He was appointed to the board in 2009, when he became COO. He was the first person to hold that role at a group level.
CRH said Mr Manifold has played a "significant role" in the company's response to the challenging economic and trading conditions of recent years, and in furthering its development in emerging markets, particularly in Asia.
Analysts reacted positively to Mr Manifold's appointment.
Head of research at Davy Stockbrokers Barry Dixon said it was a "positive development", saying Mr Manifold had a record of improving margins and returns within the existing businesses. "It seems likely that the culture of 'performance and growth' is set to continue within CRH," he said.
"With earnings at or near trough levels, the potential for earnings recovery is significant."