Cimic (ASX:CIM) share price slides lower after new CFO announced

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.
The post Cimic (ASX:CIM) share price slides lower after new CFO announced appeared first on The Motley Fool Australia. –

asx share price fall represented by man shrugging in disbelief

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.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of June 30th

More reading

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.

The post Cimic (ASX:CIM) share price slides lower after new CFO announced appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!