- Gary Smalley appointed as President and will succeed Ronald
Tutor as Chief Executive Officer
- Ryan Soroka appointed as Senior Vice President and Chief
Financial Officer
Tutor Perini Corporation (the “Company”) (NYSE: TPC), a leading
civil, building and specialty construction company, today announced
that its Board of Directors (the “Board”) has appointed Gary
Smalley, the Company’s current Executive Vice President and Chief
Financial Officer, to the position of President, effective November
15, 2023. The Company plans for Mr. Smalley to succeed Ronald Tutor
as Chief Executive Officer of the Company effective January 1,
2025, with Mr. Tutor transitioning to the role of Executive
Chairman of the Company’s Board at that time, consistent with the
timing of the leadership succession plan previously disclosed by
the Company.
Mr. Smalley, age 64, has served as Executive Vice President and
Chief Financial Officer of the Company since September 2015.
Previously, he held several financial management roles during
nearly 24 years with Fluor Corporation (NYSE: FLR), a multinational
engineering and construction firm.
Additionally, the Company announced today the appointment of
Ryan Soroka to the position of Senior Vice President and Chief
Financial Officer (in addition to his current role as Chief
Accounting Officer), effective November 15, 2023.
Mr. Soroka, age 41, has served as Vice President and Chief
Accounting Officer of the Company since April 2017. He has held
several senior financial management positions for the Company and
its subsidiaries since June 2011.
The Company is currently searching for a replacement for the
role of Chief Accounting Officer and expects to announce an
appointment shortly. Mr. Soroka will continue to serve as the
Company’s Chief Accounting Officer until such replacement is
appointed.
“Gary is a proven leader who has provided valuable insights and
demonstrated consistently sound judgment and first-rate executive
management skills over his eight years with the Company,” Mr. Tutor
commented. “I am confident that Gary is the right person to lead
Tutor Perini into the future, and I look forward to continuing to
work with him and effecting a smooth leadership transition over the
coming year.”
Michael Klein, the Company’s lead independent director, added,
“Our Board unanimously supports Gary’s promotion and his selection
as our Company’s next CEO. We commend Ron on both his decades of
outstanding service to Tutor Perini and his strong recommendation
of Gary as his successor. The Board looks forward to working
closely with Gary and with Ryan in leading the Company to future
growth and success.”
About Tutor Perini Corporation
Tutor Perini Corporation is a leading civil, building and
specialty construction company offering diversified general
contracting and design-build services to private customers and
public agencies throughout the world. We have provided construction
services since 1894 and have established a strong reputation within
our markets by executing large, complex projects on time and within
budget, while adhering to strict quality control measures. We offer
general contracting, pre-construction planning and comprehensive
project management services, including planning and scheduling of
manpower, equipment, materials and subcontractors required for a
project. We also offer self-performed construction services
including site work, concrete forming and placement, steel
erection, electrical, mechanical, plumbing and heating, ventilation
and air conditioning (HVAC). We are known for our major complex
building project commitments, as well as our capacity to perform
large and complex transportation and heavy civil construction for
government agencies and private customers throughout the world.
Forward-Looking Statements
The statements contained in this release that are not purely
historical are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, including
without limitation, statements regarding the Company’s
expectations, hopes, beliefs, intentions or strategies regarding
the future and statements regarding non-historical performance.
These forward-looking statements are based on the Company’s current
expectations and beliefs concerning future developments and their
potential effects on the Company. While the Company’s expectations,
beliefs and projections are expressed in good faith and the Company
believes there is a reasonable basis for them, there can be no
assurance that future developments affecting the Company will be
those that we have anticipated. These forward-looking statements
involve a number of risks, uncertainties (some of which are beyond
the control of the Company) or other assumptions that may cause
actual results or performance to be materially different from those
expressed or implied by such forward-looking statements. These
risks and uncertainties include, but are not limited to:
unfavorable outcomes of existing or future litigation or dispute
resolution proceedings against us or customers (project owners,
developers, general contractors, etc.), subcontractors or
suppliers, as well as failure to promptly recover significant
working capital invested in projects subject to such matters;
revisions of estimates of contract risks, revenue or costs,
economic factors such as inflation, the timing of new awards, or
the pace of project execution, which has resulted and may continue
to result in losses or lower than anticipated profit; increased
competition and failure to secure new contracts; contract
requirements to perform extra work beyond the initial project
scope, which has and in the future could result in disputes or
claims and adversely affect our working capital, profits and cash
flows; risks and other uncertainties associated with assumptions
and estimates used to prepare our financial statements; a
significant slowdown or decline in economic conditions, such as
those presented during a recession; failure to meet contractual
schedule requirements, which could result in higher costs and
reduced profits or, in some cases, exposure to financial liability
for liquidated damages and/or damages to customers, as well as
damage to our reputation; failure to meet our obligations under our
debt agreements (especially in a high interest rate environment),
including the spring-forward maturity on January 30, 2025 of our
Term Loan B and Revolver if any of the 2017 Senior Notes remain
outstanding as of such date; inability to attract and retain our
key officers, and to adequately plan for their succession, and hire
and retain personnel required to execute and perform on our
contracts; possible systems and information technology
interruptions and breaches in data security and/or privacy; an
inability to obtain bonding could have a negative impact on our
operations and results; risks related to our international
operations, such as uncertainty of U.S. government funding, as well
as economic, political, regulatory and other risks, including risks
of loss due to acts of war, labor conditions, and other
unforeseeable events in countries where we do business, which could
adversely affect our revenue and earnings; decreases in the level
of government spending for infrastructure and other public
projects; downgrades in our credit ratings; failure of our joint
venture partners to perform their venture obligations, which could
impose additional financial and performance obligations on us,
resulting in reduced profits or losses and/or reputational harm;
the impact of inclement weather conditions on projects; risks
related to government contracts and related procurement
regulations; significant fluctuations in the market price of our
common stock, which could result in substantial losses for
stockholders and potentially subject us to securities litigation;
client cancellations of, or reductions in scope under, contracts
reported in our backlog; violations of the U.S. Foreign Corrupt
Practices Act and similar worldwide anti-bribery laws; public
health crises, such as COVID-19, have adversely impacted, and could
in the future adversely impact, our business, financial condition
and results of operations by, among other things, delaying the
timing of project bids and/or awards and the timing of dispute
resolutions and associated collections; physical and regulatory
risks related to climate change; impairment of our goodwill or
other indefinite-lived intangible assets; the exertion of influence
over the Company by our chairman and chief executive officer due to
his position and significant ownership interest; and other risks
and uncertainties discussed under the heading “Risk Factors” in our
Annual Report on Form 10-K for the year ended December 31, 2022
filed on March 15, 2023 and in our Quarterly Report on Form 10-Q
for the quarter ended September 30, 2023 filed on November 9, 2023,
and in other reports that we file with the Securities and Exchange
Commission from time to time. The Company undertakes no obligation
to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20231116806584/en/
Tutor Perini Corporation Jorge Casado, 818-362-8391 Vice
President, Investor Relations & Corporate Communications
www.tutorperini.com
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