ICA's Board of Directors names Guadalupe Phillips as CEO

MEXICO CITY, Nov. 03, 2016 (GLOBE NEWSWIRE) -- Empresas ICA, S.A.B. de C.V. (BMV:ICA), announced that its Board of Directors today named Guadalupe Phillips Margain as Chief Executive Officer, who will report directly to the Board headed by its Chairman, Bernardo Quintana Isaac. The company continues its focus on its restructuring process and the new administration will continue to prioritize the successful conclusion of the company's financial restructure. During the restructuring process, the company has consolidated its two major business divisions, construction and concessions, under two administrations that report directly to the CEO.

ICA's Chairman of the Board, Bernardo Quintana Isaac, stated that "Lupe has surpassed the Board's expectations in her quick ramp up and command of the company's business in her performance as Chief Restructuring Officer, and we are happy to have her now transition into the role of CEO."

ICA further announced that using its power pursuant to the Mexican Securities Market Law, the Board has provisionally named Rodrigo Quintana Kawage to the Board as a patrimonial member, in replacement of Luis Zarate Rocha.  Rodrigo is the Company's General Counsel and was the Secretary to the Board. Bernardo Casas Godoy has now been named Secretary to the Board.  Bernardo, a Universidad Panamericana law graduate, has been with the Company for 26 years.

This press release contains projections or other forward-looking statements related to ICA that reflect ICA's current expectations or beliefs concerning future events. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include cancellations of significant construction projects included in backlog, material changes in the performance or terms of our concessions, additional costs incurred in projects under construction, failure to comply with covenants contained in our debt agreements, developments in legal proceedings, unanticipated increases in financing and other costs or the inability to obtain additional debt or equity financing on attractive terms, changes to our liquidity, economic and political conditions and government policies in Mexico or elsewhere, changes in capital markets in general that may affect policies or attitudes towards lending to Mexico or Mexican companies, changes in inflation rates, exchange rates, regulatory developments, customer demand, competition and tax and other laws affecting ICA's businesses and other factors set forth in ICA's most recent filing on Form 20-F and in any filing or submission ICA has made with the SEC subsequent to its most recent filing on Form 20-F. All forward-looking statements are based on information available to ICA on the date hereof, and ICA assumes no obligation to update such statements.

Empresas ICA, S.A.B. de C.V., carries out large-scale civil and industrial construction projects and operates a portfolio of long-term assets, including airports, toll roads, water systems, and real estate. Founded in 1947, ICA is listed on the Mexican and New York Stock exchanges.  For more information, visit ir.ica.mx.

For more information, please contact:

Christianne Ibañez
[e-mail]

[e-mail]
+(5255) 5272 9991 x 3607

Pablo García
[e-mail] 
Chief Financial Officer

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Source: Empresas ICA, S.A.B. de C.V. via Globenewswire