Lafarge Africa gets new chairman as Balogun retires

Lafarge Africa Plc announced on Friday that Mr Mobolaji Balogun has notified it of his intention to retire voluntarily as chairman and step down as a board member after the conclusion of the 2020 Annual General Meeting.

It said Balogun served for over 15 years, having joined the board of directors in March 2005.

The firm also announced in a statement that Mr Adebode Adefioye will succeed Balogun as chairman effective June 4, 2020.

Adefioye, a non-executive director of the company, is the chairman, Board Finance and Strategy Committee; chairman, Board Property Optimisation Committee, and a member of the Nominations, Governance and Remuneration Committee.

He was appointed to the board on December 20, 2012 and currently sits on the boards of Wema Bank Plc as a non-executive director and Eternal Plc as an independent non-executive director.

The firm said Adefioye would step down from all board committees on assumption of the role as chairman of the board.

The outgoing chairman, Balogun said he oversaw the progress in the firm’s transformation plan, the clean-up of its balance sheet, its return to robust profitability, streamlining of operations, the renewal of the 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,” he added.

He said the firm had enjoyed strong shareholder and market support, adding that Adefioye brought added skills to the board in an energetic and pragmatic manner.

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.”