- Signs for push-out forces
- After almost five years on the job
- Laud, praise and thanks for Porter
- Search for a successor
- Porter made a lengthy statement and said 68 words
(exechange) — Irving, Texas, March 09, 2017 — Biggs Porter, finance chief of Fluor, leaves. As announced by Fluor Corporation in a news release published on Wednesday, March 08, 2017 and in a regulatory filing published on Thursday, March 09, 2017, Biggs C. Porter, chief financial officer, leaves the engineering and construction firm in a surprising move after almost five years on the job, effective by year-end.
Fluor will undertake a search for a successor.
The move is part of a management shake-up also involving the position of chief operating officer.
No reason given
In the announcement, Fluor did not explicitly explain the reason for Porter’s move, leaving room for speculation.
Precise information about the future plans of Porter was not immediately available.
Fluor said: “On March 7, 2017, Mr. Biggs C. Porter, the Corporation’s Executive Vice President and Chief Financial Officer, notified the Corporation that he intends to retire from his position by the end of the year.”
Share price decline
The change follows a decline in the share price of Fluor Corporation since June 2014.
Chaired by David T. Seaton
Fluor Corporation is chaired by David T. Seaton.
He became CEO and joined Fluor’s board of directors in February 2011, and was elected to the role of chairman of the board in February 2012.
On the job as CFO since 2012
Porter has led Fluor’s finance, audit, investor relations, compliance and ethics, and mergers and acquisitions functions as chief financial officer since joining the company in May 2012.
Biggs Porter serves as the executive vice president, chief financial officer of Fluor Corporation, one of the world’s largest publicly traded engineering, procurement, construction and maintenance services companies.
As CFO, Porter leads Fluor’s finance, audit, investor relations, compliance & ethics and mergers & acquisitions functions.
He joined the company in 2012.
Prior to joining Fluor, Porter was the CFO of Tenet Healthcare Corporation for six years.
He also has served in senior-level finance positions with defense contractor Raytheon Co. and the large Dallas-based utility TXU Corp.
Porter also held finance positions at Northrop Grumman Corporation, Vought Aircraft Company and LTV Corporation.
He began his career with the accounting firm Arthur Young and Co.
Porter sits on the Board of Directors of Bristow Group Inc. and serves as a member of the company’s Audit Committee.
He is Vice Chairman of the Board of Directors of the Dallas Area Chapter of the American Red Cross and a member of the Finance Committee of the Board of Trustees of Texas Health Resources.
Porter previously served on the advisory board of Duke University’s Fuqua School of Business.
He is a member of the advisory board of the Accounting program of University of Texas at Austin’s McCombs School of Business and the Board of Visitors of Duke University’s Pratt School of Engineering.
He serves on the Board of Directors of NuScale Power, a subsidiary of Fluor.
He is a member of Financial Executives International and the American Institute of CPAs and the former chair of the Financial Executives Committee of the Texas Society of CPAs.
He has twice been named as one of the 100 Most Influential People in Finance by Treasury and Risk Magazine.
Porter is a certified public accountant and his academic background includes a bachelor’s degree in accounting from Duke University and master’s degree in accounting from the University of Texas, Austin.
Generally speaking, when a top manager announces to step down with no successor available, it’s a signal that the move was unexpected and too early.
Signs for push-out forces
It is not completely certain what forces eventually triggered Biggs Porter’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 11.2017 ($).