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HOCHTIEF appoints Marcelino Fernández Verdes as chief executive officer

• He was elected unanimously as CEO by the Supervisory Board of the German company. He has the full backing of all the main shareholders and the company's committee

HOCHTIEF's Board of Directors, which met today in Essen (Germany), has unanimously appointed Mr. Marcelino Fernández Verdes as Chairman of its Executive Board (“Vorstand”) and chief executive officer of the German group.
Mr. Marcelino Fernández Verdes, who replaces Dr. Frank Stieler after the latter offered his resignation for personal reasons, had occupied the role of Chief Operating Officer of HOCHTIEF since last April and was the overall head of the Construction, Concessions and Services areas of the ACS Group until that time.
The appointment of Mr. Marcelino Fernández Verdes was fully supported by all members of HOCHTIEF's Supervisory Board, in which the major shareholders are represented, including ACS and Qatar Holdings and employees of the German group, represented by the main trade unions in the country who showed their backing for the appointment.
Mr. Marcelino Fernández Verdes will work to consolidate HOCHTIEF’s position as the world's leading construction group with presence in the industry's most dynamic markets and a great potential for growth, since it has a solid executive background with over 25 years of experience in the sector and extensive professional recognition.
The financial markets have reacted positively to this change. This act supports the globalisation strategy of the ACS Group, whose objective is to strengthen its position as world leader in the infrastructure sector.
HOCHTIEF will continue to be a listed German company with its headquarters in Essen and it will maintain its collaboration policy with the other ACS Group companies and business areas.
The knowledge and experience of Mr. Marcelino Fernández Verdes in diverse sectors relating to the development of infrastructure on an international level, along with his long and successful career with the ACS Group will contribute to HOCHTIEF taking better advantage of its opportunities and focussing on its profitability.