Mexican builder ICA names new CEO tasked with restructuring

Mexico's embattled construction firm ICA said on Thursday it has named Guadalupe Phillips as its new chief executive officer, tasked with its ongoing financial restructuring.

ICA, struggling under a high dollar-denominated debt load and a dwindling stream of projects, is in the process of restructuring its debt through several of its subsidiaries for about 7.5 billion pesos (US$391 million).

Phillips, who formerly served as Grupo Televisa Vice President, was named ICA's restructuring director in January. She will report to Bernardo Quintana, president of the ICA board of directors.

"During the restructuring process, the company has consolidated its two main business lines, construction and concessions," the company said in a statement to the Mexican stock exchange, adding that Phillips had exceeded expectations in her previous post.

Last month, CEO Luis Zarate died. The long-time ICA executive served as CEO since February.