Hochtief halves outlook, CEO steps down; GMR completes airports executive reshuffle
Shares in infrastructure and airports company Hochteif fell 9.5% on Monday. The company issued a forecast estimating pre-tax profit may fall by as much as 50%. CEO Herbert Luetkestratkoetter has announced he will step aside for Frank Stieler.
GMR Infrastructure completed an executive reshuffle with the appointment of PS Nair as CEO Corporate (Airport) with effect from 05-Apr-2011. Mr Nair was previously CEO of Delhi Airport International Ltd (DIAL). Prabhakara Rao, who was handling GMR power projects, has taken over as CEO for DIAL and Vikram Jai Singhania will be the CEO of Hyderabad International Airport. GMR has also created a CEO role for international operations for the airport division, for which P Sripathy has been appointed.
GMR shares closed 3.1% lower, on a weak day for airport related stocks.
Selected ABD daily share price movements (% change): 11-Apr-2011
