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Leighton appoints new CFO

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Leighton Holdings has appointed Javier Loizaga as its new CFO.

Loigaza was previously the CEO of N+1 Mercapital, one of Spain's leading independent investment firms.

His appointment comes as Spanish firm Hochtief takes over the company, and follows on from the immediate resignation of both CEO Hamish Tyrwhitt and CFO Peter Gregg after the takeover was announced.

Regarding the new CFO, newly appointed CEO Marcelino Fernandez stated: "As one of the most respected investment executives in Spain, Loizaga will bring to Leighton his vast experience in all aspects of corporate finance and financial management".

"A civil engineer by training, Loizaga has both a thorough understanding of the operations of a large contracting company as well as proven expertise in financial management and corporate transformations.

"These skills will be valuable as we seek to more efficiently structure Leighton's operations to the benefit of clients, employees, and shareholders."

This structural review has seen Leighton subsidiaries John Holland and Thiess potentially earmarked for a sell off or a merger.

Former Leighton executives have raised fears that Hochtief will aggressively reshape the company and sell well-known assets.

Predictions are that the company will replicate its operating structure in Germany, and carve Leighton into new divisions such as mining, infrastructure and services.

Loizaga's appointment is contingent on visa approvals.

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