International construction, property and facilities management organisation, Hochtief Aktiengesellschaft has appointed Marcelino Fernández Verdes, as new CEO; he will work towards the Board’s goals of keeping the company divisions operating as a whole unit rather than breaking them up and de-listing from the stock market.
Fernández Verdes has been a member of the executive board of Hochtief since April 2012. He acted as Chief Operating Officer (COO) of the company and was in charge of the Hochtief Americas division. Previously, he was a member of the supervisory board for almost five years and has a long track record in the construction, concessions, and services industry.
Even before Fernández Verdes’ appointment, Hochtief’s management Boards had already decided that a “breaking up of Hochtief is, and will not be part of the company strategy” and stressed: “Hochtief will remain a listed German company with its headquarters in Essen”.
“My priority for the years to come is to improve the profitability and to continue the sustainable growth of Hochtief. We need to strengthen the cooperation within Hochtief and enhance our competitiveness,” Marcelino Fernández Verdes points out.
Outgoing CEO, Frank Stieler (53) agreed to an early termination of his contract. He had been a member of the executive board of Hochtief since March 2009 and had led the newly-created division Hochtief Europe before being appointed CEO of the company in May 2011.
Manfred Wennemer, chairman of the supervisory board of Hochtief Aktiengesellschaft, acknowledged Stieler’s contributions to the success of the company: “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.”