ICA Says Chairman’s Son to Be CEO of Largest Mexico Builder
Empresas ICA SAB (ICA*), Mexico’s biggest construction company, named Chief Operating Officer Alonso Quintana as its next chief executive officer, replacing Jose Luis Guerrero Alvarez.
Quintana, 38, the son of Chairman Bernardo Quintana, will take the job on July 1, the Mexico City-based company said today in a filing to the country’s stock exchange. He became COO in July 2011 after serving as chief financial officer starting in 2007.
His promotion to COO was part of what ICA said last year was a “leadership transition process” set in motion in 2007 when Guerrero Alvarez was appointed as CEO and Bernardo Quintana retained the chairman’s title. Guerrero will retire while remaining a director at ICA, the company said.
ICA “embarked on a phase of growth and increased profitability” during Alonso Quintana’s CFO tenure, as he led several international equity and bond offerings and efforts to obtain financing for projects such as Mexico’s La Yesca dam, Bernardo Quintana said in the statement. The younger Quintana joined ICA in 1994.
ICA shares rose 1 percent to 24.21 pesos in Mexico City today. The shares have risen 43 percent this year, compared with a 4.8 percent increase for the Mexican stock exchange’s IPC index.
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