- Push-out Score determined
- After about four years in the position
- Praise for King
- Tom McCormick taking over
- King will remain as Chairman at Primoris
- King said 114 words
(exechange) — Dallas, Texas, November 1, 2019 — David King, chief executive of Primoris, leaves his position. As announced by Primoris Services Corp. in a news release on Friday, November 1, 2019, David L. King leaves his post as Chief Executive Officer at the specialty construction and infrastructure company after about four years in the role, effective November 4, 2019.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who announced their departure over the past 12 months was 7.4 years, according to data compiled by exechange.
David King’s duties as CEO will be taken over by Thomas E. (Tom) McCormick, currently President of Primoris Services Corporation.
No reason given
In the announcement, Primoris did not explicitly explain the reason for David King’s move.
King will remain as Chairman at Primoris
“David King will transition out of his position as Chief Executive Officer, while remaining as Chairman of the Board and assuming the non-employee role of Senior Strategic Advisor,” Primoris said.
Share price decline
The announcement follows a decline in Primoris Services Corporation’s share price of 27% since July 2018.
In the position of CEO since 2015
David King became CEO of the Company in August 2015.
King will transition from his position as Chief Executive Officer after filing of the Company’s third quarter Form 10-Q and earnings call.
King has served as the Company’s Chief Executive Officer since August 2015, has served as one of the Company’s Directors since May 2015, and also served as the Company’s President from August 2015 until April 2019.
King directs and manages day-to-day operations of the Company.
He is responsible for providing strategic leadership for the Company by working with the board of directors and the executive management team to establish long-range goals, strategies, plans and policies.
Prior to that, King was the Company’s Executive Vice President, Chief Operating Officer since March 2014.
Prior to joining Primoris, King spent several years at Chicago Bridge & Iron (“CB&I”), a large NYSE listed construction company that was recently acquired by McDermott International, most recently as President of Lummus Engineered Products from 2013 to March 2014.
From 2010 to 2013 he was President of CB&I Project Engineering & Construction based in The Hague, Netherlands responsible for worldwide operations.
From 2009 to 2010 he was Group Vice President for Downstream Operations for CB&I Lummus located in The Woodlands, Texas.
King also managed and helped establish the Global Services Group for CB&I in 2008. He has extensive Engineering, Procurement, Fabrication and Construction industry experience in energy-related projects, liquefied natural gas, offshore, pipelines, refining, petrochemicals, gas processing, oil sands, synthesis gas and gas-to-liquids.
King received his bachelor’s degree in Mechanical Engineering from Texas Tech University, an MBA from the University of Texas, Tyler, and an Advanced Executive Management Degree from Insead University in Fontainebleau, France.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
Read the full story in the exechange report 44.2019 ($).