Leighton Holdings Limited CEO and CFO resign

Changes come thick and fast as Hochtief takes grip of construction company

a woman

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Leighton Holdings Limited (ASX: LEI) chief executive officer Hamish Tyrwhitt and Chief Financial Officer Peter Gregg have seen their employment terminated, and both have resigned.

The news comes as majority shareholder Hochtief has raised its partial takeover offer of 3 out of every 8 shares to $22.50 a share. Shareholders are still entitled to the 60 cent dividend, to be paid on 4 April 2014.

Independent directors have recommended minority shareholders accept the new improved offer.

Marcelino Fernandez Verdes, current Chief executive officer of Hochtief has been appointed as the new Leighton CEO.

Board members Paula Dwyer, Russell Higgins and Vikki McFadden will also resign, while chairman Robert Humphris intends to continue in his role.

As part of their severance packages, Mr Tyrwhitt will walk away with $10,255,526, while Mr Gregg will receive $8,190,230. Mr Gregg will stay on to assist with the transition until 28 March 2014.

Motley Fool writer/analyst Mike King owns shares in Leighton Holdings. You can follow Mike on Twitter @TMFKinga

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