Empresas ICA, S.AB. de C.V., an infrastructure and construction company in Mexico, has announced that its Board of Directors unanimously approved Luis Zarate Rocha as ICA's new Chief Executive Officer. This action formalizes the nomination of Mr. Zarate, which was announced last week.
This announcement comes after Alonso Quintana Kawage resigned from its position as part of the company's restructuring strategy. Through this strategy the firm aims to regain investor confidence after the company defaulted on approximately US$60 million in interest payments since December 2015.
Mr. Zarate will lead ICA's operations, while Deputy CEO Alfonso González Migoya and Chief Restructuring Officer Guadalupe Phillips Margain will concentrate on the restructuring of the Company.
Empresas ICA, S.A.B. de C.V. is Mexico's largest infrastructure company. ICA carries out large-scale civil and industrial construction projects and operates a portfolio of long-term assets, including airports, toll roads, water systems, and real estate. Founded in 1947, lCA is listed on the Mexican and New York Stock exchanges.