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Spain's Ferrovial announces new CEO for British airport operator BAA

Spain's Ferrovial announces new CEO for British airport operator BAA

MADRID, Spain _ Spain's Grupo Ferrovial said Wednesday it has named Colin Matthews, until now a British utility executive, as the new chief executive of its British airports unit BAA.
Ferrovial said Matthews was taking over from Stephen Nelson, 44, who has been BAA's CEO since July 2006.
Matthew's appointment will be effective April 1 and is the latest in a series of management changes made at BAA as the company attempts to improve the much-critized service at Heathrow and other British airports.
The company appointed former Alliance Boots PLC chairman Nigel Rudd as its new non-executive chairman to help bolster its reputation last August.
"BAA is now entering a new era, in which we have to not only complete the transformation of our airports... but also meet the new demands of quality service and environmental responsibility," Rudd said in Wednesday's release.
Heathrow Airport has come under increasing criticism for delays, lost baggage, poor services and long lines at security checkpoints due to counterterrorism measures.
The experience became so bad for passengers that Britain's competition watchdog late last year recommended a cap on the service charge that BAA levies on airlines, citing unacceptable delays and accusing the company of acting "against the public interest."
Matthews, 51, was previously CEO of British water group Severn Trent.
Ferrovial, Spain's second-largest construction company by market value behind Actividades de Construccion y Servicios SA, said Tuesday its net profit fell 49 percent to euro733.7 million from euro1.43 billion a year earlier. The profit was hit by higher servicing costs on its euro30 billion debt.
In the summer of 2006, Ferrovial led a group of investors in the 10.3 billion pound takeover of BAA, which is the world's largest airport operator and manages seven British airports. Since then, the company's shares have lost close to 28 percent of their value, due to difficulties in refinancing debt used to buy BAA.
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On the Net:
http://www.ferrovial.com


Updated : 2021-04-13 10:15 GMT+08:00