Marcelino Fernández Verdes has been appointed CEO of German contractor Hochtief, while it said that a break-up of the company was not a part of its plans.
Mr Fernández Verdes (57) replaces Dr Frank Stieler (53) who has agreed to an early termination of his contract, as suggested earlier this week.
The supervisory board of Hochtief unanimously elected Mr Fernández Verdes, from Spanish parent company ACS (Actividades de Construccion y Servicios), who was already a member of the Hochtief executive board.
He joined the board in April 2012, and was COO of the company as well as being in charge of the Hochtief Americas division. He was previously a member of the supervisory board for almost five years and was said to have had a long track record in the construction, concessions, and services industry.
Hochtief was the subject of a protracted hostile takeover bid from ACS which came to a head last year.
The Hochtief supervisory board and executive board unanimously agreed that the executive board would develop the strategy further for the entire group and its divisions within the next three to four months. It has already been decided that a breaking up of Hochtief will not be part of such a strategy. It will remain a listed German company with its headquarters in Essen.
Dr Stieler has resigned as CEO and has left the executive board, of which he had been a member since March 2009. He led the newly-created Hochtief Europe division before being appointed CEO of the company in May 2011. In this position he was also responsible for the Hochtief Europe and Hochtief Asia Pacific divisions.
Manfred Wennemer, chairman of the supervisory board said of Dr Stieler, “His commitment led Hochtief through difficult times and back on a profitable growth path. He always acted in the best interest of the company, its employees, and shareholders.”
Mr Wennemer (65), who has been a member of the supervisory board since May 2010 and served as its chairman since May 2011, has said that he will resign from both roles for personal reasons with effect from the end of December 31, 2012.
The supervisory board has appointed Thomas Eichelmann (47) as his successor. Mr Eichelmann has been a member of the supervisory board since May 2011. Having held positions with the Boston Consulting Group, Bain & Company, and Roland Berger Strategy Consultants, he served as chief financial officer of Deutsche Börse from 2007 to 2009. He has been CEO of German private investment company ATON since February 2010.