CIMIC appoints new chief exec

Construction giant CIMIC has appointed a new chief executive, as the firm points to a strong pipeline of PPP deals in 2018.

The company has promoted Michael Wright from deputy chief executive to the role of chief executive and managing director. Meanwhile, current Dragados chief executive Ignacio Segura becomes deputy chief executive and chief operating officer at CIMIC.

Wright takes over from group chief executive, Adolfo Valderas, who has accepted a role with parent company ACS Group, although he will remain a director of CIMIC Group.

Meanwhile, CIMIC revealed a strong financial position in its results for the nine months to 30 September, with revenue up 26% year on year to $9.6bn.

Group executive chairman, Marcelino Fernández Verdes, also suggested that there is huge potential for new PPP deals across Australia in 2018.

“Australia has one of the world’s most well‐developed PPP markets, which is expected to grow considerably in coming years,” he said.

Valderas added that the company envisages “about $50bn-worth of PPP projects” coming to market in Australia “in 2018 and beyond”.

In June, CIMIC appointed a new chief financial officer.