MEXICO CITY, Feb 5 (Reuters) - The chief executive officer of cash-strapped Mexican construction firm ICA, Alonso Quintana Kawage, is resisting pressure for his ouster, two people familiar with the matter said on Friday.
Quintana, grandson of the founder of the iconic construction firm, took the helm in 2012 and has been criticized for overseeing the company’s steep slide into debt.
A Mexican columnist on Friday reported that board members decided to relieve Quintana of his position at a meeting on Wednesday. The two people familiar with the matter said that was incorrect. One of them said pressure for the ouster was coming from the board.
The company, which has defaulted on three interest payments, saw its net debt reach 51.147 billion pesos ($2.97 billion) in the third quarter as a slump in the peso caused its dollar debt value to balloon.
Shares in the company have been highly volatile, and were trading around 5 percent lower on Friday morning. (Reporting by Alexandra Alper, Roberto Aguilar and Cyntia Barrera; Editing by Simon Gardner)