CRH chief to retire

BUILDING materials group CRH said this morning that its chief executive is to retire, as full-year operating profit fell three per cent.

Myles Lee will retire from the FTSE firm at the end of this year, following a five-year tenure.

Operating profit came in at €845m (£728m) for the full year, down from €871m over 2011, hurt by a weak Euro-area market.

However, CRH said that the outlook for the US market – where it is the main producer of asphalt for highway construction – was promising.

"Assuming no major financial or energy market dislocations, we expect that ongoing improvements in our businesses in the Americas combined with further profit improvement initiatives throughout our operations will outweigh continuing trading pressures in our European segments, enabling the group to achieve progress in 2013," Lee said today.