Tutor Perini CEO to step down
20 November 2023
Ronald Tutor, the longtime CEO and chairman of one of the largest general contractors in the US, Tutor Perini, has announced that he will step down from the roles in 2025.
Gary Smalley, the firm’s current Chief Financial Officer (CFO), will succeed Tutor in the CEO position. Tutor Perini made the announcement via a news release and Securities and Exchange Commissioning filing, a week after reporting its third quarter earnings.
Tutor has been the company’s chairman and CEO since 2008, when Tutor-Saliba and Perini merged. He will remain as executive chairman of the firm’s board after he has stepped down.
On Smalley’s appointment, Tutor said, “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.”
For the nine months of 2023, Tutor Perini recorded a net loss of US$123 million, compared to a loss of US$117 million for the same period of 2022. The company reported revenue for the first nine months of this year of US$2.85 billion, compared to US$2.88 billion in the same period a year ago.
Commenting on the financial results, Tutor said that the company’s “backlog remains healthy and we anticipate that it will increase significantly over the next 12 to 18 months as we bid and expect to capture our share of various large project opportunities amid a robust demand environment bolstered by substantial government funding and limited competition for many of the larger projects.”
He added that he expected “improved performance in the fourth quarter of 2023 and for next year.”