Ewing flies out of BAA

Margaret Ewing will be replaced by Jose Leo as the chief financial officer of
BAA as Ferrovial tightens its grip on the UK airports operator. Leo is currently
the FD of Amey, another UK group owned by Ferrovial.

The Spanish infrastructure and services group bought BAA for £10.1bn in the
summer. Ewing’s departure follows the resignation of the group’s former chief
executive Mike Clasper and corporate and regulatory affairs director Ian

According to The Guardian, Ewing was not forced out of the company,
but announced her intention to stand down after the Ferrovial deal was sealed.

Ferrovial faces a difficult few months now that it has completed the deal.
The financing structure used by the group was highly leveraged and will raise
BAA’s debt dramatically.

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