- Management changes could take effect later this year
- Formal announcement could be made at forthcoming AGM
Juan-Miguel Villar Mir, chairman of Obrascon Huarte Lain SA, said he’ll stand down to make way for his son to open a new chapter in the management of the Spanish builder.
Villar Mir, 84, said plans for his son Juan Villar-Mir de Fuentes to replace him weren’t new but that he would announce them formally at the company’s annual shareholders’ meeting in Madrid. Villar Mir will stand down at a board meeting slated for next week when his son, now vicechairman, will replace him, the company said in an e-mailed statement
In 1987, Villar Mir and partners including Jose Luis Garcia Villalba acquired Obrascon, a building firm founded in Bilbao in 1911, and combined it with Huarte and Lain in the late 1990s. OHL operates in 30 countries, generated 4.37 billion euros ($4.95 billion) of revenue last year, and has a market valuation of 1.3 billion euros.
OHL shares fell as much as 5.3 percent in Madrid and were down 4.3 percent at 4.13 euros at 4.42 p.m.
Villar Mir was a former budget minister and head of economic affairs in the first government to be formed under Spain’s restored monarchy in 1975. His family-controlled industrial group, Grupo Villar Mir, employs more than 30,000 people in 37 countries.