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Tutor Perini Stock Rises as New CEO Takes Helm at Construction Firm
Key Takeaways
Shares of Tutor Perini ( TPC ) advanced Thursday as the construction firm's new CEO took over.
The company said its former president, Gary Smalley, has replaced Ronald Tutor, who has served as both Chairman and CEO since 2008, as part of a planned transition. Tutor will remain on as Executive Chairman.
Smalley became president in 2023 when the firm announced its formal transition plan, which had him him taking over the CEO job on Jan. 1, 2025. Smalley had been Executive Vice President and CFO since September 2015. Tutor noted he had spent the prior 24 years as an executive with rival Fluor ( FLR ).
Smalley said he was committed to "further advancing our strategy as we execute on recent major project wins, return to profitability and pursue growth opportunities that enhance shareholder value."
Tutor Perini shares, which rose about 2% soon after the opening bell, have soared about 175% in the past year.
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