Villar Mir to Step Down as OHL Chairman to Make Way for His Sonby and
Management changes could take effect later this year
Formal announcement could be made at forthcoming AGM
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.