Hochtief CEO Luetkestratkoetter to step down

FRANKFURT (Reuters) – Germany’s largest construction company Hochtief (HOTG.DE: Quote, Profile, Research) said its chief executive would step down as of May 12 and will be replaced by fellow board member Frank Stieler.

Hochtief said in a statement published late Sunday Chief Executive Officer Herbert Luetkestratkoetter would retire from the executive board as of the end of the shareholders’ meeting on May 12.

It said his departure was “by mutual agreement on the basis of a separation agreement” sealed on Sunday. It did not give further details.

Luetkestratkoetter’s departure is not a surprise as he has been fiercely resisting a lowball bid by Spanish peer ACS (ACS.MC: Quote, Profile, Research) last year aimed at enabling it to buy Hochtief shares in the open market.

ACS, which holds about 41 percent of Hochtief shares, now wants to double the number of its supervisory board seats at Hochtief to four of a total of eight seats.

Hochtief’s new CEO Frank Stieler has been a member of Hochtief’s executive board since March 2009. He heads the newly created Hochtief Europe division.

Hochtief CEO Luetkestratkoetter to step down