The Supervisory Board of Royal BAM Group announced last week that Nico de Vries will hand over the chair of the Executive Board to Rob van Wingerden with effect from 1 October 2014. Mr De Vries will retire after a career of 38 years with the Group, as of 1 April 2015.

Currently, BAM is preparing and implementing several programmes to improve its financial and operational results. In close consultation with the Supervisory Board, Mr De Vries has decided to retire from the Executive Board so that his successor can take full responsibility for these programmes.

BAM said the Supervisory Board respects the decision of Mr De Vries and is grateful for his significant contribution to the development of BAM. On behalf of the Supervisory Board, Peter Elverding, the chairman, said:

'We would like to express our appreciation for the commitment and considerable achievements of Mr De Vries. We are pleased that he will be available to the Group as an advisor until 1 April 2015.'

Rob van Wingerden joined the Group in 1988 and subsequently worked in various management roles in the Netherlands and abroad, gaining extensive knowledge and experience of BAM's operating companies and the wider construction sector. Mr Van Wingerden has been a member of the Executive Board of Royal BAM Group since 2008. He serves on the Board of the Dutch Construction and Infrastructure Federation (Bouwend Nederland) and is a member of the construction innovation platform Vernieuwing Bouw. The Supervisory Board is convinced that he has the experience, leadership and energy to take BAM through the next phase of its development.

Also the Supervisory Board announces Martin Rogers will be relinquishing his Executive Board responsibilities on 1 October 2014, following 40 years' experience of the construction industry, 35 years being with BAM, to pursue other interests outside the company. Martin Rogers joined the company as an Engineer in 1979 and was appointed to the Executive Board in 2009.

With effect from 1 October 2014 the Executive Board will be composed of Rob P. van Wingerden (chairman), Thessa Menssen (CFO) and Erik J. Bax (COO).

BAM reported also last week a negative net result during the first half of 2014 of -€6.6 million.