Former Jacobs Chief Financial Officer,
Kevin Berryman, Appointed Interim
Chief Financial Officer
Company Reaffirms Fiscal Year 2024
Outlook
DALLAS, April 1,
2024 /PRNewswire/ -- Jacobs Solutions Inc. (NYSE: J)
today announced that Kevin Berryman,
previously President and Chief Financial Officer and currently
Special Advisor to Jacobs' Chief Executive Officer Bob Pragada, has been appointed interim Chief
Financial Officer effective March 29,
2024. Berryman succeeds Claudia
Jaramillo who is departing the Company to pursue other
opportunities. Jacobs has initiated a search for a permanent CFO
with the assistance of an executive search firm.
Pragada said, "Kevin has been an outstanding contributor and a
valuable member of Jacobs' executive leadership team having served
as our CFO for over nine years, during a period of significant
transformation and growth. Over the past several months he has been
providing strategic and collaborative leadership in overseeing the
separation of our Critical Mission Solutions and Cyber &
Intelligence businesses. As we build on the strong momentum across
the Company and execute our strategy to create a more streamlined,
higher growth, higher margin portfolio, I am pleased to tap into
Kevin's continued support and experience as interim CFO."
"Serving as CFO of Jacobs was one of the most rewarding roles of
my career. I look forward to working closely alongside Bob and the
Jacobs team once again as interim CFO," said Berryman. "Actions
being taken to optimize the Company's cost structure and accelerate
profitable growth and margin expansion are delivering positive
results, as the most recently reported quarter shows. I am
committed to ensuring we continue to deliver on our financial and
operating objectives during the transition period to a new
CFO."
Pragada continued, "On behalf of Jacobs, we appreciate Claudia's
work over the last two years, and we wish her well in her future
endeavors."
The Company also reaffirmed its previously announced
expectations for adjusted EBITDA and adjusted EPS for fiscal year
2024. As previously disclosed, these estimates exclude
Restructuring, Transaction and Other Charges (as defined in Jacobs'
earnings announcement for the first fiscal quarter, this includes
costs associated with the announced separation of the CMS and Cyber
& Intelligence businesses) and assume contribution from the
separated businesses for the full fiscal year. The Company will
provide additional commentary on the fiscal year 2024 update, along
with fiscal second quarter results, during its upcoming earnings
call currently scheduled for May 7,
2024.
About Kevin Berryman
Berryman joined Jacobs as Executive Vice President and CFO in
2014. He was appointed President and CFO in November 2019, serving in that role until
August 2023, when he was named
Special Advisor to the CEO. As CFO, Berryman's responsibilities
included all aspects of corporate finance, including accounting,
strategy, capital allocation, mergers and acquisitions, global
business services, tax, information technology, real estate
functions and investor relations. In addition, he oversaw internal
audit and enterprise business services.
Before joining Jacobs, Berryman spent nearly six years as CFO of
International Flavors and Fragrances Inc., an S&P 500 company
and global creator of flavors and fragrances. Prior to that, he
worked at Nestlé for 25 years, where he held various financial and
operational roles including treasury, M&A, strategic planning
and CFO of Nestlé's largest acquisition, Ralston Purina.
Berryman is a member of the boards of directors of Sealed Air
Corporation, a packing solutions company and ITT Inc (NYSE:ITT), a
manufacturer of highly engineered critical components and
technology solutions. He earned a Bachelor of Arts degree in
economics from Occidental College and a
Master of Business Administration degree in finance from The
University of California, Los
Angeles.
About Jacobs
At Jacobs, we're challenging today to reinvent tomorrow by
solving the world's most critical problems for thriving cities,
resilient environments, mission-critical outcomes, operational
advancement, scientific discovery and cutting-edge manufacturing,
turning abstract ideas into realities that transform the world for
good. With approximately $16 billion
in annual revenue and a talent force of more than 60,000, Jacobs
provides a full spectrum of professional services including
consulting, technical, scientific and project delivery for the
government and private sector.
Visit jacobs.com and connect with Jacobs
on Facebook, Instagram, LinkedIn and X.
Certain statements contained in this press release constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are statements that do not directly relate to any
historical or current fact. When used herein, words such as
"expects," "anticipates," "believes," "seeks," "estimates,"
"plans," "intends," "future," "will," "would," "could," "can,"
"may," and similar words are intended to identify forward-looking
statements. Examples of forward-looking statements include, but are
not limited to, statements regarding our expectations for our
fiscal year 2024 adjusted EBITDA and adjusted EPS, as well as
statements regarding the effectiveness of actions being taken to
optimize the Company's cost structure and accelerate profitable
growth and margin expansion. We base these forward-looking
statements on management's current estimates and expectations, as
well as currently available competitive, financial and economic
data. Forward-looking statements, however, are inherently
uncertain. There are a variety of factors that could cause business
results to differ materially from our forward-looking statements
including, but not limited to, our plans to spin off and merge with
Amentum our Critical Missions Solutions ("CMS") business and
portions of our Divergent Solutions business, including Cyber &
Intelligence, in a proposed transaction that is intended to be
tax-free to stockholders for U.S. federal income tax purposes, the
timing of the award of projects and funding and potential changes
to the amounts provided for under the Infrastructure Investment and
Jobs Act and other legislation related to governmental spending, as
well as general economic conditions, including inflation and the
actions taken by monetary authorities in response to inflation,
changes in interest rates and foreign currency exchange rates,
changes in capital markets, the possibility of a recession or
economic downturn, geopolitical events and conflicts, and the
impact of any future pandemic or infectious disease outbreak,
including the related reaction of governments on global and
regional market conditions, among others. For a description of some
additional factors that may occur that could cause actual results
to differ from our forward-looking statements, see 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 in our
most recently filed Annual Report on Form 10-K, and Item 2 -
Management's Discussion and Analysis of Financial Condition and
Results of Operations; Item 1 - Legal Proceedings; and Item 1A -
Risk Factors in our most recently filed Quarterly Report on Form
10-Q, as well as the company's other filings with the Securities
and Exchange Commission. The company is not under any duty to
update any of the forward-looking statements after the date of this
press release to conform to actual results, except as required by
applicable law.
Investors:
Ayan Banerjee
JacobsIR@jacobs.com
Media:
Louise White
(469) 724-0810
louise.white@jacobs.com
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SOURCE Jacobs