ACS man in line for top Hochtief role
19 November 2012
Hochtief’s Spanish parent company appears to be increasing its control of the German-based contractor it took over last year after a protracted hostile battle.
The chairman of the executive board of Hochtief, Dr Frank Stieler, looks set to step down from his position, and may be replaced by Marcelino Fernández Verdes from parent company ACS (Actividades de Construccion y Servicios). Mr Fernández Verdes was appointed COO of Hochtief earlier this year.
Hochtief said that Dr Stieler had reached an understanding with the chairman of the supervisory board, Manfred Wennemer, about “a consensual withdrawal” from the executive board. It said that discussions about Mr Fernández Verdes taking on the role were ongoing.
Dr Stieler took over from Dr Herbert Lütkestratkötter in May 2011 following the takeover of Hochtief by the Spanish company.
Approval of the supervisory board regarding the withdrawal of Dr Stieler from the executive board is still needed, and a meeting scheduled for November 20 is expected to make decisions about the staffing of the executive board. Mr Wennemer himself plans to resign from the supervisory board for personal reasons at the end of the year.
Hochtief recently claimed that its nine-month results were showing improvement, while ACS reported a 56.3% increase in sales for the third quarter.
