Jacobs CEO Steve Demetriou to step aside, turn over reins to Bob Pragada

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Jacobs CEO Steve Demetriou to step aside, turn over reins to Bob Pragada
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During Demetriou’s seven-year tenure, he’s credited with adding more than $11 billion to the engineering firm’s market cap.

in 2016, will step aside early next year and turn over day-to-day operations to his second-in-command.will become executive board chairman on Jan. 24, when president and chief operating officer Bob Pragada replaces him as CEO.

“It has been the highlight of my career to lead Jacobs over these past seven years and work with our outstanding people to transform Jacobs’ portfolio, advance our culture and position the company for even higher levels of growth and success,” Demetriou said in a prepared statement released after the market close. “With a strong foundation and clear trajectory in place, now is the right time to implement our succession plan.

Pragada’s 16-year career at Jacobs has come in two stints. From 2006 to 2014, he held various management jobs. He left to become CEO of industrial services company Brock Group before returning in 2016 as president of Jacobs’ global industrial and buildings and infrastructure lines. In 2019, he became president and COO.

Demetriou said his successor has a “strong track record of execution.” Pragada, a Florida native with degrees from the U.S. Naval Academy and Stanford University, described his boss as “an incredible leader who inspires all around him and leaves a tremendous legacy at Jacobs.”Demetriou will serve as executive chair for a minimum of two years, advising Pragada on strategic and capital deployment initiatives, according to the company.

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