The internationally expansive contractor ACS Group, Madrid, has tightened its control of German contractor Hochtief A.G. with the Nov. 20 appointment of Marcelino Fernández Verdes, a former executive of the Spanish firm, as the German company's new CEO.
His predecessor, Frank Stieler, held the post for only 19 months since replacing former Hochtief boss Herbert Lütkestratkötter, who quit after unsuccessfully resisting ACS's acquisition of a controlling interest in the German firm.