FCC Safeguards Juan Bejar’s CEO Position, While CaixaBank & Larranza XXI Plan to Leave in 2015

2/12/2014 – El Economista

Caixabank and Larranza XXI, minority shareholders of B-1998, a company through which businesswoman Esther Koplowitz holds her stake in FCC, have decided to leave from the firm in January 2015, according to information provided to the CNMV (Spanish Stock Exchange Market Regulator).

FCC has amended terms and conditions of the contract re-signed with its CEO Juan Bejar who agreed to stay in this office for at least one year more. The move by Mrs Koplowitz aimed at ‘ensuring utmost stability to the executive directors’ team’.

Assigned to this role in January 2013, Juan Bejar is given a chance to a unilateral call for the contract termination in case when Esther Koplowitz loses control over the group after the entrance of Carlos Slim.

Thus, the managing director is obliged to fulfill his role for thirteen months after the new shares of FCC issued in the framework of capital increase go public, i.e. until 22nd December 2015. If the agreement dissolved earlier, the executive will have a right to two annual renumerations as a compensation.

According to a report on FCC’s directors’ income, fixed annual earnings for CEO and vice-chairman are set at €2.5 million, and they are conditioned by a set of targets to be met.

 

Original article: El Economista

Translation: AURA REE

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