Press release

Dr. Lütkestratkötter retires from the Executive Board as of May 12, 2011 - Executive Board member Dr. Frank Stieler as successor


Dr. Lütkestratkötter, long-time Chairman of the Executive Board of HOCHTIEF Aktiengesellschaft, will retire from the services of the company as of the end of the General Shareholders‘ Meeting on May 12, 2011 by mutually amicable agreement. He will be succeeded by Dr. Frank Stieler who has already been a member of the Executive Board since March 2009.

During his term of office, Dr. Lütkestratkötter has always stood up with all his energy for the interests of the company, its shareholders and employees. Despite the economic and financial crisis, his work was rewarded in the 2010 fiscal year with the company’s best ever results. The Supervisory Board and major shareholder ACS express their great respect for Dr. Lütkestratkötter‘s engagement and performance and extend their thanks to him for this.

The company and its major shareholder ACS place value on continuing to draw on Dr. Lütkestratkötter‘s international experience and his knowledge of the company‘s business. Dr. Lütkestratkötter will therefore remain available as advisor to the Executive Board of the company.

In this connection, the Supervisory Board Chairman of HOCHTIEF Aktiengesellschaft, Mr. Detlev Bremkamp, said: "Dr. Lütkestratkötter has managed the company in an exemplary way and led it into a new dimension. Fiscal 2010 very clearly illustrated this gratifying development in the shape of the best results in HOCHTIEF’s far more than 100-year history. Incidentally, Dr. Lütkestratkötter has created many new and significant business ties for HOCHTIEF which should ensure profitable growth if the company continues its solid work as to date."

The Supervisory Board has elected Dr. Stieler (52) as Chairman of the Executive Board of the company as of the end of the company’s General Shareholders’ Meeting on May 12, 2011. The trained lawyer has been heading the new division HOCHTIEF Europe and has in this role been responsible for approximately EUR 3.3 billion in sales and some 16,000 employees. During the 25 years of his professional career, Dr. Stieler has held international management positions in various companies including Lurgi and Siemens. Before joining HOCHTIEF he was the CEO of Siemens‘ "Oil & Gas" division and transformed the formerly loss-making industrial turbine business into a high-margin unit with approximately EUR 4.5 billion in revenues and a presence spanning 60 countries.