(Adds details on board, timing)
MADRID, Aug 18 (Reuters) - Spanish infrastructure group FCC’s board on Tuesday appointed Carlos Jarque of Mexico as chief executive, tightening compatriot and majority shareholder Carlos Slim’s grip on the indebted company.
Jarque, 60, an executive director at Slim’s telecommunications venture America Movil, said on Tuesday he would continue with FCC’s financial restructuring.
Slim bought a 25.6 percent stake in FCC last year, becoming the majority shareholder in a company that is struggling with debt in a sluggish domestic construction sector.
Jarque, whose appointment is effective from Tuesday, replaces Juan Bejar, who signalled he would resign as CEO after Slim bought the FCC stake.
He will not hold a seat on the board of directors, according to an organization chart released by FCC, although a source close to the company said his inclusion on the board could be considered in the future. (Reporting by Tracy Rucinski and Carlos Ruano; Editing by Elisabeth O‘Leary and Susan Thomas)