The chief executive of LafargeHolcim says his upcoming departure is unrelated to fallout from its payments to Syrian armed groups allegedly including the Islamic State group.
Eric Olsen told reporters in a conference call about its first-quarter results Wednesday that in July he is "going to be leaving a group in great shape."
Last week, LafargeHolcim said an internal investigation found Olsen was unaware it had illegally funneled money to the armed groups in 2013 and 2014 to guarantee safe passage for employees and supply its multimillion-dollar Syria plant.
Of his departure, Olsen said: "I would say it's not related" to the payments. He acknowledged "some tensions" at the company recently and his belief "it was in the best interest to turn the page and move on."
LafargeHolcim reported good sales and profits in the first three months beating forecasts, the Franco-Swiss cement giant said on Wednesday, but failed to allay market concerns over the company's direction while it replaces its chief executive.
Reuters reports Kepler Cheuvreux analyst Josep Pujal saying the results were not the triumph they appeared to be, with core profit down 11 percent and noting a negative free cash outflow of 836 million francs, compared with an outlfow of 618 million francs in the same period last year, before merger-related costs were taken into account.
The biggest problem lay with Olsen's sudden resignation and concerns for a resulting lack of focus on financial targets, Pujal said.
