LafargeHolcim employee loses his court bid for a golden handshake
Paris — An executive who was paid about $18,000 a month by LafargeHolcim to do nothing failed in his suit to force the cement maker to fire him with a payout worth more than $2m. Timing was his undoing.
The Paris appeals court ruled that Zenone could not benefit from the plan because he had already agreed to an expatriate position in Singapore. That suspended his French employment contract and excluded him from buyout offers made to Lafarge’s domestic staff. The world’s two largest cement makers combined in 2015 to cut costs and boost value as demand for building materials eroded. But LafargeHolcim shares slid in subsequent years on a loss of investor confidence and a scandal over operations in war-torn Syria.
LafargeHolcim said in a statement it does not comment on personnel matters. Zenone did not respond to requests for comment on the lawsuit.
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