Hochtief exodus continues

The CEO and CFO of Hochtief Solutions have resigned in the wake of Spanish contractor Actividades de Construcción y Servicios's (ACS) hostile takeover of its parent company, German contractor Hochtief.

The company said Hochtief Solutions CEO Henner Mahlstedt and CFO Heiner Helbig had, "Differing views about the further strategic alignment of the company".

In addition, Hochtief also said that Bernward Kulle would leave the executive board of Hochtief Concessions. However, this decision was because of, "Differing strategic views about the future of the public-private-partnership (PPP) business", the company said.

"The PPP activities will be integrated shortly as a separate segment into Hochtief Solutions within the framework of a realignment of the group," Hochtief said.

ACS gained a majority stake in Hochtief in June this year after a long and bitter battle that was opposed by Hochtief's management. Indeed, the Hochtief Solutions resignations come after a string of executives left the company, including CEO and Executive Board chairman Dr Herbert Lütkestratkötter, who announced his retirement in April.

Hochtief CFO Dr Burkhard Lohr, Board member and head of Hochtief Concessions and Hochtief Asia Pacific Dr Peter Noé also resigned earlier this year.