FCC reports on the process of replacing its first Chief Executive Officer (C.E.O.)
On this day, in view of the notification sent to the President of the Board of Directors by the 2nd Vice President and CEO of the Company, Mr. Juan Béjar Ochoa Adviser, expressing his intention to exercise change of control clause included in the contract to provide services linking the company with the CEO, two meetings of the Appointments and Remuneration Committee and the Board of Directors of the Company on that have taken place in accordance with the procedures provided for in the Bylaws and Regulations of the Board of Directors has dealt with the process of replacing the 2nd Vice President and CEO of the Company, Mr. Juan Béjar Ochoa Director, as first executive of the company.
On a proposal of the Appointments and Remuneration Committee, the Board of Directors of the Company has adopted the following resolutions:
(i) Hiring a search firm for executives at international level (a "head-hunters" firm) to carry out a process of finding potential candidates who fit the profile for the position of first chief executive officer (C.E.O.) of FCC with the purpose of replacing Mr. Juan Béjar Ochoa as current chief executive of the company (CEO). The head-hunters firm should propose candidates with proven international experience in all or some of the various businesses that today FCC are being carried out by FCC. The selection process should be implemented urgently and in any case, it should have to be completed before next September 30, 2015.
(ii) To allow the process of succession to the Chief Executive Officer (C.E.O.) to occur in the most orderly and planned possible way, the current Chief Executive will remain in the company until no later than 30 September. FCC having the power to anticipate the departure of the CEO.
(iii) The terms of the resolution of the contract for the provision of services linked to the Company's CEO, have been approved by mutual agreement This agreement includes the payment to the CEO, by contract termination, and also the compensation for non-competition agreement, of a total compensation amounting to € 8,375,000 gross.