Mota-Engil SGPS SA, Portugal’s biggest construction company, dropped in Lisbon after Chief Executive Officer Jorge Coelho stepped down for personal reasons.
The shares fell 0.5 percent to 1.88 euros in the Portuguese capital, reducing the Oporto-based company’s market value to 385 million euros ($503 million). Trading volume was more than four times the three-month daily average.
“Investors are always weary when CEOs leave companies, especially when they have done a very positive job,” said Pedro Oliveira, a trader at Go Bulling in Lisbon.
Mota-Engil was the second-best performer in Lisbon’s PSI20 index after Banco BPI SA last year, with a 51 percent increase.
As CEO of Mota-Engil for five years, Coelho oversaw the company’s international expansion to about 20 countries to counter a slump in the domestic construction sector. Goncalo Martins, who was the company’s chief financial officer, will replace Coelho, Mota-Engil said in a regulatory filing yesterday.