ACS man appointed as CEO of Leighton

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ACS man appointed as CEO of Leighton

Marcelino Fernandez Verdes, the current Chief Executive Officer of Hochtief, has been appointed as Chief Executive Officer of Leighton.

ACS boss Marcelino Fernandez Verdes has taken executive control of Leighton with chief executive Hamish Tyrwhitt and chief financial officer Peter Gregg both resigning from their positions.

The moves were signed off in a board meeting last week.

Hochtief said earlier last week it wanted to lift its representation on Leighton's board, and Leighton has agreed to Hochtief's request for the termination of the executives' positions.

Leighton and Hochtief also have entered a bid implementation agreement, with Hochtief increasing its offer to $22.50 per share for three out of eight shares, compared with an offer of $22.15 per share earlier last weekHochtief, which currently owns 58.77 % of Leighton, aims to raise its holding in Leighton to 74.23 %.

Mr Tyrwhitt and Mr Gregg will receive a severance package of A$10.2 million and A$8.2 million respectively.

Two further directors nominated by Hochtief, Pedro Lopez Jimenez and Jose Luis del Valle Perez have bee appointed to Leighton's board. Mr. Lopez and Mr. del Valle are both members of ACS's board.

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