Also, a former Caterpillar CEO and CH2M VP are dead
CEOs of Dutch-based engineering giant Arcadis NV and large Minneapolis building contractor Adolph & Peterson Construction exited their firms last month in apparent corporate strategy disputes with their respective boards of directors. Arcadis on Oct. 27 announced the departure of Neil McArthur “because of a difference of opinion” with the firm’s supervisory board. While he was firm chief, since 2012, Arcadis grew into a company of more than $3.7 billion in revenue and 27,000 global employees, Chairman Niek Hoek said, “It is the right time for a new leader.” The board named Chief Financial Officer Renier Vree interim CEO while it seeks a permanent replacement among internal and external candidates. The change comes as Arcadis posted third-quarter results last month, with revenue down 7%, to $868 million, and earnings off by about a third, to $42 million. The firm partly attributed the falloff to the weaker British pound following the June Brexit vote, continued difficulties in Brazil and intense competition in North America, says U.K.-industry publication Building.
Adolfson & Peterson (A&P) on Oct. 5 announced that Rick Whitney, CEO since 2014, has stepped down “to pursue other opportunities.” Executive Vice President and Chief Financial Officer Jeffrey Hansen was named to fill the added role as the contractor searches for a permanent CEO. Whitney also was CEO of M+W U.S. Inc. Kirstin Adolfson, a board member and third-generation A&P owner, noted in a statement Hansen’s “understanding of [the firm’s] family culture.” He has been CFO since 2012. A&P ranks at No. 92 on ENR’s list of the Top 400 Contractors, with $807 million in revenue last year. It ranked at No. 77 on last year’s list. Whitney “was frustrated with the board,” says an industry executive with knowledge of his situation.