Jacobs Engineering Group Inc. Announces Retirement of President and CEO at Year-End
November 23 2014 - 6:00PM
Business Wire
Noel G. Watson Appointed as Executive Chairman
for Transition
Jacobs Engineering Group Inc. (NYSE:JEC) announced today the
retirement of Craig L. Martin as President and Chief Executive
Officer and a member of the Board of Directors, effective on
December 26, 2014, the last day of Jacobs' first quarter of fiscal
2015. Mr. Martin, 65, elected to retire for health reasons. He has
been at Jacobs since 1994 and was promoted to President of Jacobs
and joined the Board in 2002. He became Chief Executive Officer in
2006.
The Board of Directors has appointed Noel G. Watson to serve as
Executive Chairman until a new CEO is appointed. Mr. Watson has
been Chairman of the Board since 2004, and was Chief Executive
Officer from November 1992 to April 2006. He was also the President
from 1987 until July 2002.
“I would love to continue to lead this extraordinary
organization, but it would be unfair to our employees and our
shareholders for me to try to continue in my role and address my
health issues,” said Craig L. Martin. “We have a number of
excellent candidates for my replacement within the company, but I
have encouraged the Board to look externally as well. I plan to
remain available to Noel and the team to facilitate the best
possible transition. As a significant shareholder myself, I look
forward to watching the company grow and increase in value. I am
confident in this team’s ability to meet my expectations.”
“Craig has been a powerful force for growth during his twenty
plus years with Jacobs,” said Noel G. Watson. “During his tenure as
CEO, Jacobs has grown dramatically to become one of the largest and
most diverse technical professional services firms in the world
with approximately 65,000 employees. Both on behalf of the Board
and personally, I wish Craig all the best. We are disappointed to
lose his considerable talent, but respect the difficult decision he
made.”
Consistent with its succession planning, the Jacobs Board has
initiated a search process to identify a permanent CEO. The search
process will be led by a committee of the Board consisting of Mr.
Watson and the chairs of the Human Resource and Compensation
Committee and the Nominating and Corporate Governance Committee,
with the assistance of an executive search firm. The search process
will include a full review of internal and external candidates. Mr.
Martin has agreed to enter into an agreement to provide continued
services for at least one year following his retirement as an
executive to help ensure a smooth transition.
Edward V. Fritzky, who has been an independent director since
2004, will remain Lead Independent Director.
About Jacobs
Jacobs is one of the world's largest and most diverse providers
of technical professional and construction services.
Forward-Looking Statements
Statements made in this press release that are not based on
historical fact are forward-looking statements. Although such
statements are based on management's current estimates and
expectations, and currently available competitive, financial, and
economic data, forward-looking statements are inherently uncertain,
and you should not place undue reliance on such statements as
actual results may differ materially. We caution the reader that
there are a variety of risks, uncertainties and other factors that
could cause actual results to differ materially from what is
contained, projected or implied by our forward-looking statements.
For a description of some of the factors that may occur that could
cause actual results to differ from our forward-looking statements
see our Annual Report on Form 10-K for the period ended September
26, 2014, and in particular the discussions contained under
Item 1 - Business; Item 1A - Risk Factors; Item
3 - Legal Proceedings; and Item
7 - Management's Discussion and Analysis of Financial
Condition and Results of Operations, as well as Jacobs’ other
filings with the Securities and Exchange Commission. We also
caution the readers of this release that we do not undertake to
update any forward-looking statements.
Jacobs Engineering Group Inc.John W. Prosser, Jr.,
626-578-6803Executive Vice President, Finance and
Administration
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