VALDERAS TAKES THE REINS AT CIMIC GROUP

CIMIC Group (ASX:CIM) announced today that Adolfo Valderas has been appointed as managing director of the company.  This follows Valderas' elevation from deputy executive officer to chief executive at CIMIC on 18 October.

The company noted that effective from 1 November, Valderas' total fixed remuneration comprising base salary, superannuation and non-monetary benefits will be $1.5 million.

Valderas has taken over the chief executive reins from Marcelino Fernández Verdes who remains with the company in his role as executive chairman.

Fernández Verdes welcomed Valderas' appointment as the new CEO of CIMIC.

"Adolfo has played an integral part in CIMIC Group's achievements during the past three years, first as Chief Operating Officers and then as Deputy Chief Executive Officer. The Board and I have every confidence in Adolfo's ability to lead CIMIC Group.

"It is a privilege, and a great responsibility, to be appointed as Chief Executive Officer of CIMIC Group a leading, competitive, international contractor," he says.

"CIMIC Group's solid financial position, our robust pipeline and the expertise of our people in delivering complex construction, mining, mineral and concessions projects provides us with a strong future of which I am proud to be a part of." 

The construction and contracting heavyweight's share price rose by 5.8% to $30.69 following the announcement of Valderas as chief executive on 18 October before dipping back down to around $29 today.