Tutor Perini Corporation TPC shares are trading higher premarket on Thursday. The company disclosed that Gary Smalley has become its Chief Executive Officer and a member of its Board of Directors, effective January 1, 2025.
In November 2023, Tutor Perini appointed Gary Smalley to the position of President, with plans for Smalley to succeed Ronald Tutor as Chief Executive Officer in 2025.
Tutor will serve as Executive Chairman of the Board through 2026.
Prior to joining the company, he spent nearly 24 years at Fluor Corporation, holding various financial management positions.
Robert Lieber, the Company’s Lead Independent Director, said, “Our Board reiterates its strong confidence in Gary’s appointment to serve as Tutor Perini’s new CEO and looks forward to working with him to help guide the Company into the future.”
Last month, Tutor Perini disclosed the pre-payment of an additional $100 million of its Term Loan B debt, bringing the total debt reduction to $150 million in the last month.
Price Action: TPC shares are up 3.88% at $25.14 premarket at the last check Thursday.
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