Intermoney headquarters| The Board of Directors of Sacyr (Buy, PO 4.4 €) agreed yesterday after the market close to propose to the next shareholders’ meeting the appointment of Pedro Sigüenza as a director of the company with executive qualification in the functions of development and management of the business lines.
The approval, if it happens, of this proposal by the General Shareholders’ Meeting will allow Sigüenza to be appointed CEO of Sacyr. Sigüenza is to date the head of the Concessions division. Sacyr recalls that in 2023 the Group acquired the commitment of the separation of executive functions in 2025, which would imply that the current president, Manuel Manrique, would continue to exercise corporate, financial and strategic functions.
Assessment: Pedro Sigüenza joined the Sacyr Group some 20 years ago and, taking into account that he heads by far the largest division of the Group, it seems quite logical that he will be the new CEO of Sacyr after the current chairman’s separation of functions. Manrique, for his part, has been in the position since the end of 2011, and since then has focused the Group on concentrating on the concessions business, abandoning activities such as its presence in Repsol and the promotional or property sector. As of September 2024, Sacyr reported an EBITDA of €948m (down 3%), highlighting, however, an increase of more than 60% in operating cash flow generation of over €800m.