ICA CEO Alonso Quintana Kawage resigns from his post in a bid to help the embattled Mexican company regain investors' confidence as it thrives to renegotiate a massive debt.

Kawage, who served as the construction company's chief executive officer since 2012, has officially left his position.

The move was to help the company bounce back from a steep debt slump and cash crunch which ICA faced during his administration.

Luis Zárate Rocha is set to occupy Kawage's former position as the company's CEO as a result of an Extraordinary Board Meeting initiated by ICA's Board Chairman Bernardo Quintana Isaac, Alfonso's father.

The older Quintana expressed his gratitude to the former CEO for his years of service to the company.

"On behalf of the board and management team, I would like to thank Alonso for his leadership and dedication to the Company," he stated.

While he did leave his post willingly, Kawage emphasized that he would remain supportive of the company, especially during this period.

"I remain firmly committed to supporting the Company, especially during this important time," he said in a statement.

Furthermore, sources said Kawage's resignation is just one part of a wider restructuring to be conducted in the company. This is to help ease the effects of almost $3 billion worth of net debt.

Zárate is set to work alongside the company's Deputy Chairman Alfonso González Migoya who will lead the company's restructuring process, together with Chief Restructuring Officer Guadalupe Phillips Margain.

ICA also revealed that come mid-March this year, the Board of Directors is also set to review the company's medium business plan.

In December, the company defaulted some $60 million interest charges for its debt that reached over 51.147 billion pesos after a currency slump during the third quarter of 2015.

ICA is set to reveal its Fourth Quarter 2015 earnings report in the first week of March.

ICA is responsible for building several iconic buildings, such as the Pemex headquarters. It has since been dubbed as the company that 'Mexicanized' the country's infrastructures.

Kawage proudly showed how the company grew under his leadership, though he admitted that the growth would not be as impressive in 2013.

"Growth will be lower this year -- a natural consequence of a change in government. The projects we were hired to do have got off to a slower start," he said.

When asked where he sees ICA in five years, Kawage said that the company should be able to maintain "a strong presence" in Mexico and should already be entering other more developed countries, like the United States.