As part of its succession strategy, Aecom Technology Corp. announced that its board had appointed Chief Executive John Dionisio as chairman and promoted three other executives.
Dionisio, 62, who has been president and chief executive since 2005, has been with the company since 1971. He will continue to be CEO and succeed founder and longtime Chairman Richard Newman, 76, who will remain on the board in the role of chairman emeritus, the Los Angeles-based engineering services company said Monday.
Chief Financial Officer Michael Burke will take over Dionisio’s president job. Stephen Kadenacy, who joined the company in 2008 as senior vice president for finance, will succeed Burke as CFO and executive vice president. In addition, Jane Chmielinski, an executive vice president, has been appointed chief operating officer and president of the Americas. All changes will be effective Oct. 1.
Burke, 47, who joined the company in 2005, was named CFO in 2006. As president, he will work with Dionisio in advancing Aecom strategic direction and take on a more active leadership role in the company’s merger and acquisition strategy.
Analysts were pleased with the moves. Vance Edelson of Morgan Stanley Research noted that Dionisio had been identified as a likely successor to Newman years ago, and moved into the chief executive role prior to the company’s 2007 initial public offering.
“The decision by (Newman) to step aside activates a well planned succession strategy that will see the CEO and CFO each promoted, along with new talent added to the executive team,” Edelson said in a client note.
Aecom shares closed down 4 cents, or less than 1 percent, to $26.90 on the New York Stock Exchange prior to the announcement.
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