Hochtief : Appointment of Chief Executive Officer and Deputy CEO, COO mehr

Adolfo Valderas, currently CIMIC Group Chief Executive Officer, has accepted a role with ACS Group. He will remain as a CIMIC Group Director, holding the position as an Alternate.

CIMIC Group Executive Chairman Marcelino Fernández Verdes said: 'I am pleased to announce today that Michael will be succeeding Adolfo as CIMIC Group Chief Executive Officer, with effect from 1 December 2017.

'Michael has a proven record of achievement at our company. He has experience across our disciplines of construction, mining and services, and a focus on delivering for our clients and on the safety of our people. Adolfo and Michael have been working closely together during the past months and the Board and I are confident in Michael's ability to lead CIMIC Group.

'I am also pleased to welcome Ignacio to CIMIC Group. He is currently the Chief Executive Officer of Dragados, a leading construction company owned by ACS Group. During his more than 18 years with Dragados, Ignacio has built valuable, international expertise in running one of the world's largest contractors.

'I would like to thank Adolfo for his outstanding contribution to CIMIC Group. Adolfo has played an integral role in achieving the Group's present robust and competitive position, as reflected in our third quarter result which we announced today.'

Mr Wright said: 'I am both honoured and privileged to be appointed as Chief Executive Officer of CIMIC Group - a company that I have been a part of for almost 20 years.

'Having worked across a number of our operating companies, and more recently at CIMIC, I am pleased to see CIMIC Group has an established approach of delivering cash-backed profits from activity focused businesses, and a consistent and clear approach to safety, leadership, governance, risk, culture and delivery to our clients.

'My focus will be to further embed this strategy in all aspects of our operations and to continue to develop the Group's culture for the benefit of our clients, our shareholders and our people.'

A transition period for the changes is underway.

Biographies
Michael Wright
Michael Wright, a civil engineer, is CIMIC Group Chief Executive Officer-elect, Managing Director-elect and Deputy Chief Executive Officer. With experience in Australia and internationally, he previously held the position of CIMIC Group Executive for Mining and Mineral Processing, responsible for leading Thiess as Managing Director, and Sedgman. Mr Wright has held roles managing construction, mining and services teams, with previous executive roles including leading Thiess' Australian Mining operations, Thiess' Services business and CIMIC Group's China and Mongolia business. Mr Wright joined CIMIC Group in 1998.

Ignacio Segura
Ignacio Segura, a civil engineer, is CIMIC Group's Deputy Chief Executive Officer-elect and Chief Operating Officer-elect. He has 25 years of experience in construction sector, at both national and international levels, and is currently Dragados Chief Executive Officer. Prior to that he held a variety of roles with Dragados, including General Manager, and with ACS Group.