VALDERAS TAKES THE REINS AT CIMIC GROUP

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.

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Looking for a credit or charge card that’s built for your business? Try American Express
Partner Content
A good credit card should work for you, not against you, and let you and your business ...
American Express
Advertisement

Related Stories

Study finds cybersecurity skills gaps on boards as Optus debacle rolls on

Study finds cybersecurity skills gaps on boards as Optus debacle rolls on

As the backlash continues over a data breach at Optus that has pote...

‘We have changed’: The Star pleads with NICC to keep its casino licence

‘We have changed’: The Star pleads with NICC to keep its casino licence

The Star Entertainment Group (ASX: SGR) has pleaded with the NSW In...

Fitness First parent divests franchise division of Jetts Fitness via management buyout

Fitness First parent divests franchise division of Jetts Fitness via management buyout

Jetts Fitness Australia CEO Elaine Jobson has led the acquisition o...

Universal Store buys Byron Bay fashion brand THRILLS for $50m

Universal Store buys Byron Bay fashion brand THRILLS for $50m

After working alongside Universal Store (ASX: UNI) for nine years, ...