The Cimic share price is sliding lower today after the company announced the appointment of a new CFO. We take a look at the details.
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Cimic Group Ltd (ASX: CIM) shares are sliding lower today following the company announcing the appointment of a new chief financial officer (CFO). At the time of writing, the Cimic share price is trading 1.41% lower at $24.43, amid a broader fall in the ASX.
Who is the new CFO?
The Cimic share price is delivering a lacklustre performance today despite the company advising it has appointed Mr Emilio Grande as its new chief financial officer.
In the release, the company advised that Mr Grande has worked with Cimic Group since 2018. His time with the company has included stints as chief financial officer of Cimic business UGL and deputy chief financial officer of Cimic.
Prior to that, Mr Grande served as chief financial officer of Iridium, a leading global infrastructure developer.
He also spent a decade with Spain’s ACS Group, the parent of the Australian construction company. Mr Grande started in the Florentino Pérez-led ACS Group after leaving Banco Gallego as director of private equity investments in 2011.
Mr Grande will replace Stefan Camphausen, who has served as Cimic CFO for 15 years.
What management said
Cimic Group executive chairman and chief executive officer Juan Santamaria said:
Emilio has more than 15 years’ of international experience across banking and infrastructure in various finance leadership roles.
His experience includes several years with Cimic Group as Deputy Chief Financial Officer and, more recently, Chief Financial Officer of UGL.
Emilio’s involvement with key strategic initiatives at Cimic and across our operating companies has given him deep knowledge of our operations and equips him well for the role.
About the Cimic share price
Cimic is a multinational contractor. It’s active in the telecommunications, engineering and infrastructure, building and property, mining and resources, and environmental services industries.
The Cimic share price has lost around 26% of its value in one year.
This comes alongside the cyclical downturn in general construction activities globally as a result of the COVID-19 pandemic.
The Cimic share price dropped to $11.87 in March, its 52-week low, before recovering to today’s level.
Cimic currently commands a market capitalisation of around $8.3 billion.
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Motley Fool contributor Eddy Sunarto has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.