New CRH finance director announced

Senan Murphy, currently chief operating officer at Bank of Ireland, has been named group finance director at building materials giant, CRH.

Mr Murphy will take up his new role, as well as joining the CRH board, in early January.

He will succeed Maeve Carton in the finance director role, who has been in that position since 2010.

Ms Carton will move to a newly created wider role with the title of group transformation director.

There, she will be charged with better integrating CRH’s businesses, identifying operational and financial opportunities and cash generation opportunities.

Regarding the new finance director appointment, Davy Stockbrokers’ Barry Dixon said: “This is a significant role within CRH, after its completion of two major acquisitions this year. The company has committed to restoring its net debt/EBITA to below two and a half times by the end of 2016.

“The new finance director will have a key role in the achievementy of this objective, as well as managing CRH’s balance sheet to support its future growth ambitions.”

CRH’s committed spend, this year, currently stands at around €8bn; transactions dominated by the €6.5bn takeover of former assets of the recently merged European cement titans, Holcim and Lafarge and the recently announced €1.15bn deal to buy US firm, CR Laurence.

Speaking last month, Ms Carton suggested that while smaller bolt-on acquisitions will remain under consideration, the next 18 months or so will see the focus shift towards integrating recent purchases and lowering debt levels.