Sterling Infrastructure CFO to retire in 2024

Ron Ballschmiede, the CFO of Sterling Infrastructure, has announced he plans to retire sometime in 2024. No replacement has yet been named.



The company has its head office in The Woodlands. It is involved in the construction of infrastructure (eastern US), transportation (western US) and residential and commercial buildings (Texas and Phoenix). The company has a market capitalization of $2.6 billion.

Mr. Ballschmiede, 68, joined the company as CFO in November 2015. Prior to that, he was the CFO at Chicago Bridge and Iron Company (later taken over by McDermott International).

Since he joined, the company has tripled revenues to almost $2 billion and doubled its employees to 3,200. The stock has increased over ten-fold.

In the company’s press release, Joe Cutillo, the CEO of Sterling, said “We have a succession plan in place. Ron will stay on as CFO until his successor is named and will continue thereafter to ensure a smooth transition.” (AJ comment – If you have a succession plan in place, why didn’t you announce his successor?)

SEC filing – 8-K Sterling CFO to retire

 

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