LIMA, Peru--(BUSINESS WIRE)--Graña y Montero S.A.A. (NYSE:GRAM) (BVL:GRAMONC1) (“the Company” or “Graña y Montero”), a leading Engineering and Construction company, announced that in the context of the termination of the contract of Gasoducto Sur Peruano, the alleged false imputations made by the former representative of Odebrecht in Peru and the decline in the share price, José Graña Miro Quesada (Chairman of the Board), Mario Alvarado Pflucker (Chief Executive Officer) and Hernando Graña Acuña (Director) presented their resignations to the positions they held, which were accepted by the Board of Directors.
The session recognized the gesture of these three executives who have put ahead the development of the company, collaborators and shareholders before their own interests, so the Board of Directors expressed their gratitude and appreciation.
Likewise, the Directors thanked their commitment of contributing with their effort and personal dedication to demonstrate the correct behavior of Graña y Montero.
At the same meeting, the Directors agreed to designate Luis Díaz Olivero as Chief Executive Officer, who has been serving as Deputy CEO.
Throughout its 83 years Graña y Montero has demonstrated through its actions, to be an honest, upright and transparent company. The unacceptable behavior that is intended to be imputed is completely external to its corporate values.
Mario Alvarado Pflucker said that this decision is the most difficult that he has taken in his 36 years in Graña y Montero Group. "I have decided to step aside from the functions of CEO and Director because the priority is to ensure the future of the company and its more than 30,000 employees. Therefore I will devote myself to demonstrate the correct behavior of Graña and Montero.”
For his part, José Graña mentioned that it is now for a new team to hold the reins and take the best decisions for the company and its employees. "The future of Graña y Montero is assured thanks to the new generation of collaborators who will maintain the recognized quality of our work, the professionalism and the competitiveness that has characterized us," he concluded.
About Luis Diaz Olivero
He is an Industrial Engineer from Pontificia Universidad Católica del Perú and holds a master’s degree in Business Administration from the University of Pittsburgh.
He joined the Group as an intern in 1993. He began his career as Assistant Engineer and ascended up to Deputy Chief Executive Officer. Prior to this position, he was Chief Executive Officer of the Infrastructure Area between 2013 and 2015, and then assumed a position as Chief Operating Officer in 2016. He previously served as Chief Executive Officer of GMP between 2011 and 2013. In addition, he was Deputy Executive Director of GMP between 2009 and 2011, Chief Financial Officer of the Group between 2004 and 2009, and Chief Financial Officer of GyM between 2001 and 2004.
About Graña y Montero S.A.A.
Graña y Montero is the largest and most important Engineering and Infrastructure Company in Peru. It has 26 companies in 4 Business Areas and operates in 5 countries in Latin America. It is the only South American construction company listed in the Lima Stock Exchange and in the NYSE. It has 83 years of operations, due to its corporate values, which have always guided the behavior of its employees. It has been an example in the region for its good practices in corporate governance and has been continuously considered as one of the most admired and renowned firms of the country.