ACS increases control of Hochtief
By Helen Wright29 March 2012
Chairman and CEO of construction, environment and concessions at Spanish contractor Actividades de Construcción y Servicios (ACS) Marcelino Fernández Verdes will take the reins as chief operating officer (COO) of Hochtief on 15 April.
Mr Fernández Verdes was also previously chairman and CEO of ACS subsidiary Dragados and has been a member of Hochtief's supervisory board for nearly five years.
His appointment as COO of Hochtief is significant as ACS gained majority control of Hochtief's shares last year following a bitter hostile takeover battle.
Former Hochtief COO Martin Rohr left the company at the end of 2011, making use of his contractual right of termination following the takeover by ACS.
He followed a stream of senior Hochtief executives who left the company in the wake of ACS takeover, including CEO and executive board chairman Dr Herbert Lütkestratkötter, who announced his retirement in April last year.
Hochtief CFO Dr Burkhard Lohr, board member and head of Hochtief Concessions and Hochtief Asia Pacific Dr Peter Noé also resigned last year, together with Hochtief Solutions CEO Henner Mahlsted and Hochtief Solutions CFO Heiner Helbig.
ACS said Mr Fernández Verdes would be replaced on the Hochtief supervisory board by Francisco Javier Garcia Sanz, a member of the executive board of Volkswagen.