President and COO Bob Pragada Named
CEO
Steve Demetriou Continues as Executive Chair
of the Board of Directors
Appointments Effective Jan. 24, 2023
DALLAS, Sept. 15,
2022 /PRNewswire/ -- Jacobs (NYSE: J) today announced
a leadership succession plan that positions the Company to continue
driving significant profitable growth and delivering on the vision
that Jacobs has set for its people, clients, communities and
shareholders. Bob Pragada, currently
President and Chief Operating Officer, will succeed Steve Demetriou as Chief Executive Officer and
join the Company's Board of Directors. Demetriou will continue as
Executive Chair of the Board. The changes are effective
Jan. 24, 2023, the date of the
Company's annual shareholder meeting.
![(l-r): Steve Demetriou and Bob Pragada. (l-r): Steve Demetriou and Bob Pragada.](https://mma.prnewswire.com/media/1900007/Jacobs_Steve_Demetriou_and_Bob_Pragada.jpg)
"It has been the highlight of my career to lead Jacobs over
these past seven years and work with our outstanding people to
transform Jacobs' portfolio, advance our culture and position the
Company for even higher levels of growth and success. With a strong
foundation and clear trajectory in place, now is the right time to
implement our succession plan," said Demetriou. "During Bob
Pragada's 16 years with Jacobs, including the last several years as
President and COO, he has demonstrated leadership excellence and a
strong track record of execution. His passion for innovation and
teamwork are evident in our many achievements. The Board and I are
confident that Bob is the right person to serve as Jacobs' next CEO
and continue to accelerate our momentum."
Pragada joined Jacobs in 2006, holding several senior management
positions over nine years. He returned to Jacobs in 2016 as
President of the global Industrial and Buildings &
Infrastructure lines of business, and in 2019, Pragada was
appointed President and COO of Jacobs. He has been instrumental in
developing and leading the successful execution of Jacobs'
strategy, as well as driving global integrated delivery of Jacobs'
operations around the world as a differentiator in the
industry.
"It is an exciting time for Jacobs," said Pragada. "We have just
launched our bold new strategy and are at the forefront of our
industry – anticipating the global trends most important to our
clients and developing differentiated, data-enabled solutions that
meet their needs. I am honored to take on the role of CEO early
next year and advance the exciting work underway to further
diversify our capabilities and offerings, increasing opportunities
and value for our people, our clients and our shareholders
alike."
Pragada added, "I want to thank Steve for his partnership and
guidance over the past seven years. He is an incredible leader who
inspires all around him and leaves a tremendous legacy at
Jacobs."
Demetriou will serve as Executive Chair for a minimum of two
years, working as a member of the Board advising Pragada on
strategic and capital deployment initiatives. He will provide
executive sponsorship for several key client engagements and
ongoing culture initiatives, and will also continue as a Board
member of PA Consulting.
Chris Thompson, Lead Independent
Director of the Board, said, "On behalf of the Board of Directors,
I thank Steve for his service to Jacobs and his inspirational
leadership during his tenure as CEO. Steve set out to create 'a
company like no other' and achieved it. He was the architect of a
visionary portfolio transformation that led to accelerated growth
at Jacobs through the acquisition of CH2M, the sale of our oil,
chemicals and mining businesses, and the majority investment in PA
Consulting."
Thompson continued, "Steve demonstrated the highest standards of
ethics and integrity, and established an unparalleled culture of
inclusion, accountability and innovation that has positioned Jacobs
at the forefront of the industry. We look forward to continuing to
benefit from his leadership and insights as Executive Chair."
Following Demetriou's appointment as CEO in 2015, he set in
motion a profound strategic and cultural transformation anchored on
growth and inclusion. Galvanizing elements included formalizing
Jacobs' purpose of creating a more connected, sustainable world and
establishing the Company's core values: We do things right, We
challenge the accepted, We aim higher and We live inclusion. To
reflect the Company's transformation, he also unveiled Jacobs' new
brand and brand promise of "Challenging today. Reinventing
tomorrow."
Demetriou's aggressive portfolio transformation to emphasize
higher-growth, higher-value businesses resulted in an approximately
$11 billion increase to Jacobs'
market cap and a 236% total shareholder return, all while improving
adjusted returns on invested capital by 260 bps.1
Demetriou has personally championed inclusion, and today,
Jacobs' Executive Leadership Team and Board of Directors are 67%
and 50% diverse respectively across gender and ethnicity. In 2021,
he established Jacobs' Office of Global Climate Response & ESG
to provide focus and accountability on the Company's efforts to
address climate change. Jacobs is now ranked as the No. 1
environmental and sustainability consulting firm globally by
Environment Analyst for significant work in line with the U.N.
Sustainable Development Goals.
About Bob Pragada
Pragada joined Jacobs in 2006, and over the following nine
years, he held several executive leadership positions, including
Senior Vice President, Global Sales; Group Vice President, Northern
Region (United States and the
Republic of Ireland); and Vice
President, Field Services. He returned to Jacobs in 2016 as
President of Jacobs' global Industrial and Buildings &
Infrastructure lines of business, after serving as President and
CEO of the Brock Group, one of the largest providers of industrial
services in North America.
Since 2019, Pragada has served as President and COO of Jacobs,
providing executive oversight of all global operations, driving
impressive profitable growth across the Company's Critical Mission
Solutions and People & Places Solutions lines of business.
During his tenure, Pragada led the successful integration of CH2M,
a $5 billion diversified technical
services leader in infrastructure, water, environmental and nuclear
sectors. He was also instrumental in Jacobs' strategic majority
investment in PA Consulting, a multi-billion-dollar world-leading
digital consulting firm, where he now serves as a Board member.
After graduating from the United States
Naval Academy, Pragada began his career in the Navy as a Civil Engineer Corps and Seabees officer,
providing international contingency operations, base engineering,
construction and maintenance services, rising to the rank of
Lieutenant Commander. He is a graduate of Stanford University, where he earned a Master of
Science in engineering and management. Bob also serves as a
Director on the Boards of Eaton (NYSE: ETN), the Board Advisory
Council of Brightstar Capital, the U.S. India Business Council, the
Dallas Mavericks Foundation Advisory Council, and the U.S. Naval
Academy Foundation.
For detailed leadership infographics on Steve Demetriou and Bob
Pragada, visit our Investor page.
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 $14 billion in revenue and a talent force of
more than 55,000, 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 Twitter.
1 Market cap and total shareholder return growth
rates calculated from the closing stock price on September 30, 2015 through September 14, 2022. Adjusted returns on
invested capital (ROIC) calculated from full-year adj. ROIC for
fiscal 2016 compared to full-year adj. ROIC for fiscal 2021.
Certain statements contained in this press release constitute
forward-looking statements as such term is defined in Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and such statements
are intended to be covered by the safe harbor provided by the same.
Statements made in this release that are not based on historical
fact are forward-looking statements. You can identify
forward-looking statements because they contain words such as
"believes," "expects," "may," "will," "should," "seeks," "intends,"
"plans," "estimates," or "anticipates" or similar expressions which
concern our strategy, expectations, plans, projections or
intentions. Examples of forward-looking statements include, but are
not limited to, statements regarding the company's growth
expectations. 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 ability to fully implement our strategy,
competition from existing and future competitors in the our target
markets, the possible reduction in demand for certain of our
product solutions and services and the delay or abandonment of
ongoing or anticipated projects due to the financial condition of
our clients and suppliers or to governmental budget constraints or
changes to governmental budgetary priorities, the impact of the
COVID-19 pandemic, geopolitical events, and the impact of global
and regional market conditions, including the impact of inflation
and increasing interest rates, on the company's business. 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.
For additional information contact:
Investors
Jonathan Doros, 817-239-3457
jonathan.doros@jacobs.com
Media
Marietta Hannigan, 214-920-8035
marietta.hannigan@jacobs.com
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SOURCE Jacobs