Craig L. Martin will be retiring as CEO and President of Jacobs Engineering Group Inc on December 26, 2014.
Martin, who has worked at Jacobs since 1994 and became CEO in 2006, will be stepping down because of health reasons.
Until a new CEO is found the Board of Directors has appointed Noel G. Watson to serve as Executive Chairman.
Watson has been the Chairman of the Board since 2004 and was the company’s CEO from 1992 to 2006.
Craig L. Martin, said:
“I would love to continue to lead this extraordinary organization, but it would be unfair to our employees and our shareholders for me to try to continue in my role and address my health issues”
Adding:
“We have a number of excellent candidates for my replacement within the company, but I have encouraged the Board to look externally as well. I plan to remain available to Noel and the team to facilitate the best possible transition. As a significant shareholder myself, I look forward to watching the company grow and increase in value. I am confident in this team’s ability to meet my expectations.”
Noel G. Watson said that under Martin’s management Jacobs has become one of the largest and most diverse technical professional services firms in the world, with approximately 65,000 employees.
“Craig has been a powerful force for growth during his twenty plus years with Jacobs,” said Watson. “Both on behalf of the Board and personally, I wish Craig all the best. We are disappointed to lose his considerable talent, but respect the difficult decision he made.”
A search process to find a new CEO has been initiated by the company, led by a committee of the Board consisting of Mr. Watson and the chairs of the Human Resource and Compensation Committee and the Nominating and Corporate Governance Committee.
To ensure a smooth transition, Martin agreed to provide continued services for at least one year following his retirement.