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More than a century old Fluor announced a changing of the guard in the corner office. Newly appointed CEO Jim Breuer will replace David Constable, who is staying on as executive chairman. The company also named a new chief financial officer, ushering in new era of leadership at the top.
Global engineering, procurement, and construction corporation Fluor, founded more than a century ago, announced a change in the corner office earlier this week. The board of directors at the nearly $7 billion holding company named Jim Breuer as chief executive officer, effective May 1. Breuer was chief operating officer and held the C-suite role for less than a year but has been with Fluor for more than three decades. Current chairman and chief executive David Constable will transition into a new executive chairman role on the same date.
In the top job, Breuer was offered compensation with a maximum potential value of nearly $7 million, accounting for his base salary, an annual cash bonus, and a long-term incentive grant, a filing to the Securities and Exchange Commission revealed.
In contrast, Constable’s total compensation for 2023 was valued at almost $19 million. He started his CEO run four years ago after being officially offered the gig in October 2020, when the company presented him equity valued at $5 million and a long-term incentive valued then at $9.4 million. His base salary listed in his 2020 offer letter was slightly higher than Breuer’s and he was offered $1 million for relocation. Part of Constable’s 2023 compensation went to “business-related spousal travel costs,” about $61,000 worth.
In transitioning to executive chairman, Constable was offered compensation valued at about $8.6 million.
Fluor did not immediately respond to Fortune's request for comment.
“Jim has played an instrumental role in our success and the board and I have full confidence in his ability to lead Fluor, as we transition from a ‘fix and build’ phase to the next chapter of our strategy, ‘grow and execute,’” Constable said in an accompanying press release. “Jim’s deep knowledge of our global operations, markets, partners and clients will be crucial in driving our heightened focus on business growth, executing projects with excellence, developing the next generation of leaders and delivering sustainable earnings.”
Breuer thanked the board for the opportunity and said he looked forward to a continued working relationship with his predecessor.
Fluor reported earnings this week, too, missing estimates. The corporation reported $16.3 billion in revenue for 2024 and $2.1 billion in net income. Revenue for the fourth quarter was $4.3 billion and adjusted earnings per share were $0.48. “Our results for 2024 reflect our four-year journey of building a robust reimbursable backlog across diverse end markets, strengthening our capital structure, developing strong engineering and project execution teams, and commencing our capital allocation program,” Constable said in the release. “These efforts have positioned Fluor to deliver significant value and opportunities for our clients, employees and shareholders.”