Construction giant Leighton Holdings has announced its new second-in-command as the firm names the successful candidate to replace former Chief Finance Officer Peter Gregg.

In a statement released to the Australian Stock Exchange, the company announced that Co-Chairman and Chief Executive Officer of Spanish based private equity firm N+1 Mercapital Javier Loizaga had been named the company’s new Chief Finance officer.

Javier, who has worked in financial services and advisory for 24 years, is a civil engineer who started his career working for Arthur Anderson’s IT and Management Consulting Division.

Prior to its merger with N+1, Loizaga led Mercapital, during which time he raised more than €1.8 from institutional investors and led a significant number of the firm’s 60 plus investments across industries such as construction, accommodation, information technology, healthcare and energy.

He has also been on the board of directors of a number of companies in which N+1 Mercapital has invested.

Loizaga has replaced Gregg, who was sacked along with former chief executive officer Hamish Tyrwhitt last month as parent company Hochtief unveiled an offer to up its shareholding in Leighton from around 58 percent to almost 75 percent.

Leighton’s new Chief Executive Officer Marcelina Fernández said Loizaga’s background in civil engineering as well as his experience in corporate transformations stood him in good stead to deliver positive outcomes in his new role.

“As one of the most respected investment executives in Spain, Mr Loizaga will bring to Leighton his vast his experience in all aspects of corporate finance and financial management” Fernández said.

Loizaga, whose appointment remains contingent upon visa approvals, will report to Fernández.