- Push-out Score suggests push-out forces
- After 10 years in the position
- Accolades, praise, thanks and good wishes for Moerbeek
- Ken Dodgen taking over
(exechange) — Dallas, Texas, October 5, 2018 — Pete Moerbeek, finance chief of Primoris, leaves. As announced by Primoris Services Corporation in a news release on Friday, October 5, 2018, Peter J. (Pete) Moerbeek leaves his post as Chief Financial Officer at the specialty construction and infrastructure company after 10 years in the role, effective after the filing of the Company’s third quarter Form 10-Q and earnings call.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CFOs who departed over the past 12 months was 6.7 years, according to data compiled by exechange.
Moerbeek’s duties will be taken over by Ken Dodgen, currently Corporate Controller of Primoris Services Corporation.
Moerbeek’s move is part of a management shake-up also involving the position of Chief Accounting Officer.
No reason given
In the announcement, Primoris did not explicitly explain the reason for Moerbeek’s move, leaving room for speculation.
Precise information about Moerbeek’s future plans was not immediately available.
Primoris said: “Primoris Services Corporation … today announced the planned retirement of its Executive Vice President and Chief Financial Officer, Peter J. Moerbeek, after ten years of service to Primoris.”
Chaired by Brian Pratt
Primoris Services Corporation is chaired by Brian Pratt.
Pratt has been a Director and the Company’s Chairman as well as the Company’s President and Chief Executive Officer since July 2008.
CEO: David King
David King serves as CEO of Primoris Services Corporation. King has been the Chief Executive Officer (CEO) of Primoris since August 1, 2015. Before assuming the CEO role, King was Chief Operating Officer (COO) of Primoris since March 2014.
In the position of CFO since 2009
Pete Moerbeek was named the Company’s Executive Vice President, Chief Financial Officer effective February 6, 2009.
He has served as one of the Company’s Directors since July 2008 and was Chairman of the Audit Committee until February 2009.
From 2006 through February 2009, he was the Chief Executive Officer and a founder of a private equity-funded company engaged in the acquisition and operation of water and wastewater utilities.
From August 1995 to June 2006, Moerbeek held several positions with publicly traded Southwest Water Company, a California based company which provides water and wastewater services, including Director from 2001 to 2006; President and Chief Operating Officer from 2004 to 2006; President of the Services Group from 1997 to 2006; Secretary from 1995 to 2004; and Chief Financial Officer from 1995 to 2002.
From 1989 to 1995, Moerbeek was the Vice President of Finance and Operations for publicly traded Pico Products, Inc., a manufacturer and distributor of cable television equipment.
Moerbeek received a B.S.E.E. and an M.B.A. from the University of Washington and is a licensed certified public accountant.
Moerbeek will resign as a director on November 2, 2018, he will step down as Chief Financial Officer after the filing of the Company’s third quarter Form 10-Q and earnings call; and he will be entering into a 12-month consulting agreement.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Pete Moerbeek’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.
Read the full story in the exechange report 41.2018 ($).