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FCC appoints as new ceo Pablo Colio

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FCC appoints as new ceo Pablo Colio

The group controlled by Carlos Slim's bet by a professional home for chief executive

The appointment comes after resignation of Carlos Jarque for "personal reasons"

FCC has appointed a new ceo to Pablo Colio Abril, who will replace Carlos Jarque on charge that mexican has held past two years and now resigns citing personal reasons and in order to return to ir country, according to company construction and services.

The group controlled by Carlos Slim bet as well by a professional house to position of first executive, from which will manage new stage of FCC, entire time that group has virtually completed sanitation work undertaken in 2013 and focuses on re-grow.

Pablo Colio Abril accesses position of ceo from position of director of Construction area exercising since January of this year. Senior architect by profession, has developed in FCC is 23-year-old who currently extends his professional career.

On his side, Carlos Jarque abandon position which, he claims, from start considered that it would be "necessarily temporary" and a time estimated to attain objectives assigned to you, when he was appointed two years ago, in August of 2015.

Jarque attributed his resignation to "personal reasons", his desire to return to Mexico to be with his family, where you will return to América Móvil, one of companies of conglomerate's business magnate of mexico.

The former chief executive officer, from 62 years of age, says that "while re are still pending challenges, FCC is now in a new and positive cycle".

In this way, Jarque refers to closure of 'macrorrefinanciación' of debt that group completed in first half of this year and recent return of company to benefits.

despite his resignation as ceo of FCC and abandon his post on Executive Committee of company, who also presided, Carlos Jarque to keep its position on board of directors, in capacity of proprietary director in representation of Slim.

The new chief executive will also sit on board of directors of FCC. In particular, will occupy chair that gives director general of Administration and Finance of group, Miguel Martinez Parra, leaving highest body of management of company.

keeps balance of Board

This release of chairs of council is carried out so as not to alter distribution of seats agreed on between Carlos Slim and Esr Koplowitz, second-largest shareholder in FCC, in framework of agreement that reached at beginning of 2016, mexican managed to free way to take control of building before need for company to address a new capital increase.

under agreement, Slim went on to tell with eight seats on council, as opposed to four that had up until n. Esr Koplowitz holds since n, four chairs, which occupy herself and her three daughters, one of whom, Esr Alcocer Koplowtiz, as president non-executive.

The handoff of ceo will affect also to Executive Commission, which in this case expands to six number of members who compose it, with purpose to give input to Colio and Juan Rodríguez Torres, president of Realia.

Challenges of new chief executive

Pablo Colio assumes position of first executive coinciding with new stage of growth, profitability and consolidation of benefits FCC addresses after clean-up and adjustments that have been undertaken since 2013. The recovery of payment of dividend, suspended since that year, is still main challenge of company.

in The past month of June, on occasion of Shareholders ' Meeting, ceo outgoing indicated that FCC is "close" to comply with conditions imposed by ir banks to recover payment to shareholders, who would be first that would charge its current controlling shareholder, Carlos Slim, since it became capital of company in 2014.

The only condition that remains for you to comply to company of construction and services for remuneration to partners is related to ratio between its debt and its gross operating profit (Ebitda). FCC must have a debt less than four times its Ebitda, a ratio which at end of 2016 stood at 4.4 times.

return to The dividend and to consolidate gains achieved in first half after five consecutive exercises in 'red' are two elements that detract from FCC to permanently close reorganisation and restructuring undertaken in 2013 and in 2015 he gave Carlos Slim control group n in hands of Esr Koplowtiz.

Among operational challenges, FCC, bet by an "internationalization smart". "We don't we dispel, we will be only in geographies that we know of," he said in last meeting Jarque, who advocated maintaining in Latin america alliance with group of Carlos Slim, who last year managed 'project' of new airport of Mexico.

in Addition, company advocates compete for cost-effective projects and emblematic bet on digitization and delve into generation of synergies, "working of all divisions as a single company."

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