BECHTEL NAMES NEW CHIEF EXECUTIVE OFFICER

Marking the first time a nonfamily member has been selected to lead Bechtel, Bill Dudley has been named the company’s new President and CEO, effective immediately. Dudley, who previously held the position of president and chief operating officer, replaces Riley Bechtel, who is “stepping down for health reasons from day-to-day operations,” according to a Bechtel release. Riley Bechtel will continue to serve as Chairman of the company’s Board of Directors. “For many years Bechtel has approached succession planning with diligence to ensure smooth transitions in leadership. Our plan includes provision for unplanned events, which we are now encountering. We are well prepared to act quickly in everybody’s best interest with no loss of momentum,” Bechtel said in the release. “Bill has been our top candidate for CEO succession for some time, and he is well qualified in every respect to take over now. He will be an outstanding CEO for our company; he is highly regarded by our colleagues, customers, partners, and suppliers. I have tremendous confidence in Bill’s ability to continue to move the company forward.”