- Push-out Score determined
- After around seven years in the position
- Accolades, praise and thanks for Demetriou
- Bob Pragada taking over
- Demetriou will remain as Executive Chair at Jacobs
- Demetriou said 124 words
(exechange) — Dallas, Texas, September 15, 2022 — Steve Demetriou, chief executive of Jacobs, leaves his position. As announced by Jacobs Solutions Inc. in a news release and in a regulatory filing published on Thursday, September 15, 2022, Steven J. (Steve) Demetriou leaves his post as chief executive officer at the provider of engineering services, after around seven years in the role, effective January 24, 2023.
Steve Demetriou’s duties as CEO will be taken over by Robert V. (Bob) Pragada, currently President and Chief Operating Officer at Jacobs Solutions Inc.
“Now is the right time”
Steve Demetriou’s departure from the CEO post is explained as follows. Demetriou said: “With a strong foundation and clear trajectory in place, now is the right time to implement our succession plan.”
Demetriou will remain as Executive Chair at Jacobs
“Mr. Demetriou, currently Chair and Chief Executive Officer, will continue as Executive Chair of the Board of Directors. 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,” Jacobs said.
Jacobs said: “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.”
Share price increase since September 2017
The announcement follows an increase in Jacobs Solutions Inc.’s share price of 117% since September 2017.
In the position of CEO since 2015
Steve Demetriou became CEO of the Company in 2015.
His bio reads as follows:
- Chairman and Chief Executive Officer of Aleris Corporation (2004-2015)
- Chief Executive Officer of Noveon, Inc. (2001-2004)
- Executive Vice President of IMC Global Inc. (1999- 2001)
- Various leadership positions with Cytec Industries Inc. and ExxonMobil Corporation (1981-1999)
- Bachelor of Science (BS) in Chemical Engineering from Tufts University
Public Company Boards
- C5 Acquisition Corp. (SPAC) (Chair) (2021-present)
- FirstEnergy Corp. (2017-present)
- Kraton Performance Polymers (2009-2017)
- Non-Executive Chairman of Foster-Wheeler (2011- 2014)
- OM Group (2005-2015)
Private Boards & Community Involvement
- Co-Chairman of US-Saudi Arabian Business Council
- Board Member of Cuyahoga Community College Foundation
- Board Member of Dallas Citizen’s Council
- Board Member (Chair) of CS Acquisition Corp.
- Co-Chair World Economic Forum’s Infrastructure Committee.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Steve Demetriou’s move on a scale of 0 to 10.
exechange reached out to Jacobs and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 38.2022 ($).