ICA CEO steps down
Mexico's largest infrastructure and construction company, ICA, announced that Alonso Quintana Kawage has stepped down as chief executive as part of a restructuring process.
The company's chairman will call for an extraordinary board meeting to nominate Luis Zárate Rocha as CEO, ICA said in a release.
Zárate has been affiliated with ICA for over 40 years, during which time he has served as a member of the board and executive vice president in charge of civil construction.
Also, the company announced that its board is expected to review and finalize ICA's medium-term business plan by March. The plan was prepared with Rothschild Mexico and FTI Consulting, which were hired after the company saw an earnings decline in its construction division and pressure from a weaker peso. A lack of liquidity forced ICA to halt some of its projects.
The company said it expects to engage with creditors following the board's approval of the business plan, and will release fourth quarter results by end-March.
ICA said last month that it would not make a US$22mn interest payment that due on February 4, its third missed payment since December.
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