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Granite Construction Incorporated : Elects New Board Chair, Appoints Three New Directors, and Names Larkin as CEO

06/03/2021 | 06:46pm EDT

Granite’s (NYSE:GVA) board of directors has appointed three new directors and has elected Michael F. McNally as its new board chair. Mr. McNally has served on the board since 2016. The board also promoted Kyle T. Larkin to president and chief executive officer. At the conclusion of Granite’s Annual Meeting of Shareholders held on June 2, 2021, former board chair, Claes G. Bjork, retired from the board.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210603006104/en/

Mike F. McNally (Photo: Business Wire)

Mike F. McNally (Photo: Business Wire)

Louis E. Caldera, former United States Secretary of the Army, Laurie M. Mullen, retired partner at KPMG LLP, and Kyle T. Larkin have joined Granite’s board of directors, effective Thursday, June 3, 2021. These appointments and retirement will increase the number of Granite directors from ten to twelve as part of the company’s board succession plan.

“On behalf of the entire Granite board, I would like to thank Claes for his fifteen years of service on the board, and especially for his guidance during the past three years as chair. The last two years have been unlike any others in Granite’s history, and Claes’ leadership has been invaluable,” said Michael McNally. “I’m excited to welcome Louis, Laurie, and Kyle to our board as we continue to build a strong and diverse board. Louis brings a breadth of experience from the White House, the United States Army, and the California State Assembly. Laurie’s extensive accounting and auditing experience in the construction industry will be of great value to the board and Granite. Kyle’s knowledge of Granite and the construction industry, coupled with his strategic insight has made him a trusted advisor to the board and it is time for him to join us,” continued McNally.

“I would like to add my deep gratitude and best wishes to Claes as he retires from the board,” stated Kyle Larkin. “Mike has extensive experience, knowledge and understanding of the construction industry, and he shares my great passion for Granite. I am excited for the opportunity to partner with Mike and the board as we work together for all of our employees and stakeholders,” added Larkin.

About Mike F. McNally

Prior to being board chair, Mike McNally served on the board’s Compensation, Nominating and Corporate Governance, and Risk committees. McNally retired in 2014 as president and CEO of Skanska USA Inc., a subsidiary of Skanska AB, one of the world’s largest construction companies, a position he had held since 2008. McNally held various management positions over a 38-year career with Fluor, Marshall Contractors, Mobil Oil and J. Ray McDermott. McNally currently serves on the board of Limbach Holdings, Terracon, and is vice chair of the University of Rhode Island Board of Trustees. From 2016 to 2019 McNally served as the chair of the U.S. Green Building Council Board. McNally holds a bachelor of science degree in civil engineering from the University of Notre Dame in Indiana, and a master of business administration degree from the University of Rhode Island. He is also a National Association of Corporate Directors Leadership Fellow.

About Louis E. Caldera

Louis Caldera will serve on the board’s Nominating and Corporate Governance Committee and Risk Committee. Caldera currently leads his own consulting business and served as the Director of the White House Military Office in 2009, as the United States Secretary of the Army from 1998 to 2001, as a member of the California State Assembly from 1992 to 1997 and practiced law in California from 1987 to 1992. Caldera earned a joint juris doctor and master of business administration from Harvard Law School and Harvard Business School respectively. He earned a bachelor of science degree from the United States Military Academy at West Point, New York, and served on active duty from 1978 to 1983.

About Laurie M. Mullen

Laurie Mullen will serve on the board’s Audit/Compliance Committee and the Compensation Committee. With a career spanning more than 37 years in KPMG’s audit practice, Mullen served in various leadership positions on numerous public companies in the technology and construction industry. Mullen earned a bachelor of science in business administration from California State University, Long Beach. She is a certified public accountant in California and member of the American Institute of Certified Public Accountants and California Society of Certified Public Accountants.

About Kyle T. Larkin

On June 3, 2021, the board appointed Larkin as chief executive officer and president of the company effective immediately. Larkin joined Granite in 1996 and has served as president since September 2020. Larkin has held a variety of positions within the company, including serving as executive vice president and chief operating officer from February 2020 to September 2020, as senior vice president and manager of construction and material operations from October 2019 to February 2020 and as senior vice president and group manager from 2017 to 2019. Previous roles also included vice president and regional manager in Nevada from January 2014 to September 2017 and president of Granite’s wholly owned subsidiary, Intermountain Slurry Seal, Inc. from 2011 to 2014. He also served as manager of construction for the company’s Reno area office from 2008 to 2011, chief estimator from 2004 to 2008 and project manager, project engineer and estimator at Granite’s Nevada Branch between 1996 and 2003. Larkin holds a bachelor of science degree in construction management from California Polytechnic State University, San Luis Obispo and a master of business administration from the University of Massachusetts, Amherst.

About Granite

Granite is America’s Infrastructure Company™. Incorporated since 1922, Granite (NYSE:GVA) is one of the largest diversified construction and construction materials companies in the United States as well as a full-suite provider in the transportation, water infrastructure, and mineral exploration markets. Granite’s Code of Conduct and strong Core Values guide the company and its employees to uphold the highest ethical standards. Granite is an industry leader in safety and an award-winning firm in quality and sustainability. For more information, visit graniteconstruction.com, and connect with Granite on LinkedIn, Twitter, Facebook, and Instagram.

© Business Wire 2021
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Financials (USD)
Sales 2021 3 734 M - -
Net income 2021 52,9 M - -
Net Debt 2021 96,8 M - -
P/E ratio 2021 28,8x
Yield 2021 1,31%
Capitalization 1 816 M 1 816 M -
EV / Sales 2021 0,51x
EV / Sales 2022 0,46x
Nbr of Employees 2 800
Free-Float 98,8%
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Mean consensus OUTPERFORM
Number of Analysts 2
Last Close Price 39,63 $
Average target price 45,67 $
Spread / Average Target 15,2%
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Managers and Directors
Kyle T. Larkin President, Chief Executive Officer & Director
Elizabeth L. Curtis EVP & Chief Financial & Accounting Officer
Michael F. McNally Chairman
James A. Radich Chief Operating Officer & Executive Vice President
M. Craig Hall Secretary, Compliance Officer & Senior VP
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