CIMIC Group has announced the promotion of Adolfo Valderas to Chief Executive Officer, from Deputy Chief Executive Officer, effective immediately.

Marcelino Fernández Verdes, currently CIMIC Executive Chairman and Chief Executive Officer, will continue as Executive Chairman.

Mr Valderas was previously CIMIC Group Deputy Chief Executive Officer and Chief Operating Officer. Prior to that he was Chairman and Chief Executive Officer of Iridium Concesiones de Infraestructuras. Iridium, an ACS Group company, is a developer and manager of government concessions involving transport and public works infrastructure.

Mr Fernández Verdes said:

“I am very pleased to announce Adolfo will succeed me as Chief Executive Officer. Adolfo has played an integral part in CIMIC Group’s achievements during the past three years, first as Chief Operating Officer and then as Deputy Chief Executive Officer. The Board and I have every confidence in Adolfo’s ability to lead CIMIC Group. I am honoured to continue as Executive Chairman and I look forward to continuing to guide CIMIC Group in this capacity.”

Mr Valderas said:

“It is a privilege, and a great responsibility, to be appointed as Chief Executive Officer of CIMIC Group – a leading, competitive, international contractor. 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.”