German construction giant Hochtief has appointed Stephen Ives as its new UK managing director after the retirement of Leslie Forrest.
Ives, formerly the group business development manager, took up the post last week and will oversee its activities in the UK, where it has an estimated turnover of £100m.

In January, a joint venture of Hochtief and Norwest Holst won a £125m Channel Tunnel Rail Link contract for work on two rail sections.

Hochtief is the third largest contractor in Europe, despite being hit by a series of spectacular losses caused by the collapse of its home market.

Late last year, Hochtief revealed a £36m loss for the nine months to 30 September and said profit for 2001 would be well down on 2000.

Hochtief chairman Hans-Peter Keitel earlier this year denied suggestions that the group would brave the downturn in the German construction market and acquire a leading British contractor.