The Supervisory Board of HOCHTIEF Aktiengesellschaft has unanimously elected Marcelino Fernández Verdes (57), Member of the Executive Board, as new Chief Executive Officer (CEO) of the company. Mr. 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.
The Supervisory Board and the Executive Board have unanimously agreed that the Executive Board will further develop the strategy 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 is and will not be part of such a strategy. 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.
Frank Stieler (53) has agreed to an early termination of his contract. He has resigned as CEO and has left the Executive Board with immediate effect on terms agreed with the Supervisory Board. Mr. Stieler has been a Member of the Executive Board of HOCHTIEF since March 2009. He led the newly-created division HOCHTIEF Europe 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 of HOCHTIEF Aktiengesellschaft, acknowledged Frank 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.”
Moreover, Manfred Wennemer (65), who has been a Member of the Supervisory Board since May 2010 and served as its Chairman since May 2011, declared that he will resign as Chairman and Member of the Supervisory Board for personal reasons with effect from the end of December 31, 2012.
The Supervisory Board of HOCHTIEF Aktiengesellschaft has appointed Thomas Eichelmann (47) as his successor. Mr. Eichelmann has been a Member of the Supervisory Board of HOCHTIEF Aktiengesellschaft since May 2011. Having held positions with the Boston Consulting Group, Bain & Company, and Roland Berger Strategy Consultants, the economics graduate served as Chief Financial Officer of Deutsche Börse AG from 2007 to 2009. He has been CEO of ATON GmbH since February 2010.