THE board of directors of CAF have unanimously decided to appoint Mr Javier Martínez Ojinaga as CEO, effective September 1, with current chairman and CEO, Mr Andrés Arizkorreta, retaining his role as chairman.

CAF says the decision was made in response to the intense executive workload and far-reaching strategic opportunities that the group is facing in the short and medium term. The appointment of the CEO is part of a well-prepared succession process.

A graduate in Economic Law from the University of Deusto and MBA from the University of Glasgow, Ojinaga joined CAF’s board in 2015, where he is currently chairman of the Audit Committee and coordinating director.

“This decision is testimony to our commitment towards the continuity of the project and the team that has brought us this far,” Arizkorreta says. “We have every confidence that this move will take us even further along the path of CAF group’s sound strategy for growth, profitability and sustainability.”

“The CAF group boasts a talented and dedicated management team determined to continue growing profitably, providing a wider range of products, services and markets, and continually striving towards greater efficiency on a daily endeavour where technology and personnel contribution play a vital role,” Ojinage says. “This is without a doubt an exciting project.”

Quarterly results

CAF has reported revenue of €662m for the first quarter of 2021, up 27% from €523m in 2020, with the increase due to the effects of Covid-19 in the previous year. Ebitda was €57m, up from €34m in 2020. The net results for the quarter was a €17m profit, compared with a €32m loss in 2020.