By John Revill

ZURICH (Reuters) – Holcim (SIX:) has named its chairman and former chief executive Jan Jenisch as chairman and CEO of its North American company following its multi-billion dollar spin-off, the Swiss building materials maker said on Friday.

Jenisch, who will be CEO of Holcim from 2017 to 2024, is in charge of the 100% separation of the company’s North American business into a separate US-listed entity with a potential market valuation which is $30 billion.

Holcim also named nine other members for the board of directors for the North American company, which is expected to complete its spin-off by the end of the first half of 2025.

The cement and roofing maker announced the separation of its North American business in January, a move designed to capitalize on infrastructure and construction growth in the region, as well as capture higher value.

The split is one of the biggest changes in the world’s construction market this year and has been closely watched by rivals including Germany. Heidelberg (ETR:) Material.

Holcim also on Friday appointed board member Kim Fausing to replace Jenisch as chairman of the remaining business that was not divested.

Fausing, the CEO of Danish engineering group Danfoss, will take over from Jenisch after the company’s AGM in May, when Jenisch will step down.

Jenisch, who was CEO of Swiss construction chemicals maker Sika (SIX:) before Holcim, said the board appointments are a “milestone” on the North American business’ path to becoming a separate company.

The business, with sales of almost $11 billion by 2023, has been a star performer in recent years, increasing its sales by an average of 20% per year.

Holcim, which is considering a new name for its North American operation, now wants to increase annual sales to $20 billion by 2030, mainly through organic growth and small acquisitions.