Responsive Image Banner

Tutor Perini CEO to step down

Premium Content
Tutor Perini Tutor Perini is one of the largest general contractors in the US

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.”

STAY CONNECTED

Receive the information you need when you need it through our world-leading magazines, newsletters and daily briefings.

Sign up

Longer reads
What machine sales tell us about the state of European construction
There are signs of a recovery – albeit a fragile one – in the European construction market
Why is LiuGong Access betting on new telehandler range for growth?
Telehandlers have never truly taken hold in China - at least, not yet.
Inside Trimble: How the Caterpillar relationship is shaping grade control
After 23 years of collaboration, Trimble’s Chris Shephard explains how the Caterpillar joint venture is evolving to boost flexibility and innovation in grade control technology
CONNECT WITH THE TEAM
Andy Brown Editor, Editorial, UK - Wadhurst Tel: +44 (0) 1892 786224 E-mail: [email protected]
Neil Gerrard Senior Editor, Editorial, UK - Wadhurst Tel: +44 (0) 7355 092 771 E-mail: [email protected]
Eleanor Shefford Brand Manager Tel: +44 (0) 1892 786 236 E-mail: [email protected]
CONNECT WITH SOCIAL MEDIA