Singapore-based CEO was paid US$18,000 a month for no work, denied multimillion-dollar ‘golden handshake’

When the world’s two biggest cement makers merged, Antoine Zenone hoped for a payout worth US$2.3 million but French court said ‘non’

Until recently, Zenone was being paid US$17,640 a month despite not being required to work

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Following the merger, Antoine Zenone hoped for a golden handshake worth US$2.3 million. Photo: Handout

Published: 7:00pm, 26 May 2020Updated: 8:41pm, 27 May 2020

An executive who was paid almost US$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 US$2.3 million. Timing was his undoing.

When his employer Lafarge SA in 2015 announced a staff buyout programme as part of its merger with Holcim, Antoine Zenone hoped he could get a golden handshake. But the company told him he wasn’t eligible and French judges have said “non” three times in a row.

The Paris appeal 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.

Zenone was seeking about €2.1 million (US$2.3 million) and until recently had been paid €16,195 (US$17,640) gross a month by Lafarge without having to provide any work, according to last week’s ruling.

LafargeHolcim became the world’s largest cement maker following a merger in 2015. Photo: Reuters

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.

When Zenone came back from his posting as CEO of Lafarge’s branch in Singapore two years ago, Lafarge offered him a project manager position but he did not take the role. He states on his LinkedIn profile that he started a new job at a plastic pipe maker last month.