ICA Announces Organizational and Management Changes
March 18 2015 - 08:46AM
Empresas ICA, S.A.B. de C.V.
(BMV:ICA) (NYSE:ICA), the largest infrastructure and
construction company in Mexico, announced organizational and
management changes to streamline operations, strengthen client
focus, and improve the Company's profitability and financial
position. The management changes were approved by the Board of
Directors and are part of ICA's ongoing leadership transition
process. These changes are effective June 1, 2015.
The organizational changes will realign business units to match
client profiles and ensure end-to-end execution of projects. The
most important changes are in the Construction, International, and
Concessions divisions.
Alonso Quintana, ICA's CEO, noted, "As ICA continues to grow and
the complexity of our businesses increase, we are realigning our
business units to streamline operations, strengthen our balance
sheet, improve our profitability, and ultimately to continue to
deliver the best solutions for our clients."
"We expect to make other announcements in the near future that
will further demonstrate ICA's commitment to these principles."
Quintana added.
The Construction division will be reconfigured to focus on
public and private third party clients in Mexico, and will be led
by Jorge Delgado, currently the most senior manager in the
Construction division. With more than 37 years of experience in
ICA, he has been responsible for the construction of many of ICA's
signature highway, dam, airport, and mining projects.
The International division will manage all construction projects
for international clients and oversee international affiliates.
This change reflects the growing importance of ICA's international
business and the opportunities for greater integration of these
operations. Rubén López, head of International business
development, will head this division.
The reconfigured Concessions division will integrate all phases
of the infrastructure concessions life cycle, including
construction, management and operation, as well as capital
recycling transactions. Victor Bravo, currently CFO, will head this
division.
Gabriel de la Concha will become Chief Financial Officer. He has
been responsible for all structured, project, and corporate
financing for the Company and has been ICA's Treasurer for the last
decade. He has a 23-year career in ICA and holds an Industrial
Engineering degree from the Instituto Tecnológico y de Estudios
Superiores de Monterrey, a Master's degree in International Finance
from the University of Westminster in England and the École
Supérieur de Commerce CERAM in France, and has pursued additional
studies in Stanford Graduate School of Business and the University
of Pennsylvania's Wharton School of Business.
Luis Horcasitas and Carlos Mendez, current leaders of the
Construction and Concessions divisions, respectively, will now
become Executive Vice Presidents, advising the CEO and Executive
Committee.
Bernardo Quintana, Chairman of the Board, said, "ICA has been
engaged in an orderly leadership transition process, steadily
renewing the leadership of the company at all levels for the past
eight years. The changes announced today are part of this process.
They also reflect the growing importance of our concessions and
international operations and the benefits of streamlining the
organization and increasing accountability."
This report contains projections or other forward-looking
statements related to ICA that reflect ICA's current expectations
or beliefs concerning future events. Such forward-looking
statements are subject to various risks and uncertainties and may
differ materially from actual results or events due to important
factors such as changes in general economic, business or political
or other conditions in Mexico, Latin America or elsewhere, changes
in capital markets in general that may affect policies or attitudes
towards lending to Mexico or Mexican companies, changes in tax and
other laws affecting ICA's businesses, increased costs,
unanticipated increases in financing and other costs or the
inability to obtain additional debt or equity financing on
attractive terms and other factors set forth in ICA's most recent
filing on Form 20-F and in any filing or submission ICA has made
with the SEC subsequent to its most recent filing on Form 20-F. All
forward-looking statements are based on information available to
ICA on the date hereof, and ICA assumes no obligation to update
such statements.
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, ICA is listed on the Mexican and
New York Stock exchanges. For more information, visit
http://ir.ica.mx
CONTACT: For more information please contact:
Elena Garcia
elena.garcia@ica.mx
Gabriela Orozco
gabriela.orozco@ica.mx
relacion.inversionistas@ica.mx
+(5255) 5272 9991 x 3608
Gabriel de la Concha
gabriel.delaconcha@ica.mx
Corporate Finance Director and Treasurer
Victor Bravo
victor.bravo@ica.mx
Chief Financial Officer
In the US: Daniel Wilson
+(1212) 689 9560
dbmwilson@zemi.com