Jacobs Engineering Group, an international engineering, architecture, and construction firm, said its president and chief executive officer Craig L Martin will step down from his position on December 26.

The board of directors has appointed Noel G Watson to serve as executive chairman until a new CEO is appointed, said a statement by Jacobs.

Watson has been chairman of the board since 2004, and was chief executive officer from November 1992 to April 2006. He was also the president from 1987 until July 2002.

Martin, 65, elected to retire for health reasons. He has been at Jacobs since 1994 and was promoted to president of Jacobs and joined the Board in 2002. He became chief executive officer in 2006, said a company statement.

Martin said: “I would love to continue to lead this extraordinary organisation, 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.”

“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,” he added.

Watson said: “Craig has been a powerful force for growth during his twenty plus years with Jacobs.
During his tenure as CEO, Jacobs has grown dramatically to become one of the largest and most diverse technical professional services firms in the world with approximately 65,000 employees.”

“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,” he added.

Edward V Fritzky, who has been an independent director since 2004, will remain lead independent director. – TradeArabia News Service