Noel G. Watson Appointed as Executive Chairman for Transition
Company Website:
http://www.jacobs.com
PASADENA, Calif. -- (Business Wire)
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.
Contacts:
Jacobs Engineering Group Inc.
John W. Prosser, Jr., 626-578-6803
Executive
Vice President, Finance and Administration
Source: Jacobs Engineering Group Inc.
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