New boss for Cimic

CIMIC has named its next chief executive after lifting profit in its third quarter by 20 per cent.

The construction heavyweight yesterday said CEO Adolfo Valderas would move to a role with the group’s Spanish parent, ACS.

He will be replaced on December 1 by current deputy chief executive Michael Wright, who has previously worked in the group’s Theiss unit as well as in Cimic’s China and Mongolia businesses. Cimic is majority owned by Germany’s Hochtief, which in turn is controlled by ACS.

Cimic shares closed up 32c at $48.67 yesterday.