HOUSTON - Quanta Services Inc. (NYSE:PWR), a prominent $47 billion market cap player in the Construction & Engineering industry, announced the departure of its Chief Operating Officer (COO) J. Redgie Probst, effective December 31, 2024.
The company, which has delivered an impressive 65% return to investors over the past year according to InvestingPro data, stated that Probst's resignation is due to his desire to dedicate more time to his family. The resignation is not related to any disagreements with company operations, policies, or practices.
Probst will continue to work with Quanta in a non-executive capacity within one of its operating subsidiaries. His compensation will be adjusted to reflect his new position during the company's 2025 annual review process. Despite the role change, Probst remains entitled to any incentive compensation earned for the year 2024 as part of Quanta's annual incentive plan.
This will be determined by the company's Compensation Committee. He will also be eligible for certain employee benefit plans and future equity incentive awards, subject to the discretion of the CEO and Compensation Committee. The company maintains a solid financial foundation with a GOOD overall health score, as reported by InvestingPro.
Following Probst's resignation, Earl C. (Duke) Austin, Jr., who is currently serving as President and CEO, has assumed the additional responsibilities of the principal operating officer. Quanta Services has not indicated whether a new COO will be appointed or if Austin will continue to fulfill both roles indefinitely.
In other recent news, Powerfleet Inc. has appointed Mike Powell as its new Chief Innovation Officer, a move aimed at enhancing the company's AIoT ecosystem and operational efficiency. The company also announced changes in its technology strategy execution and expressed gratitude to the outgoing Chief Technology Officer, Jim Zeitunian. Meanwhile, Quanta Services has delivered robust financial results, with a record total backlog and strong revenue growth.
The company's acquisition of Cupertino Electric is expected to bolster its technology and data center capabilities. Analyst firms DA Davidson and Jefferies have responded to these developments by raising their price targets for Quanta Services, while maintaining neutral ratings.
Truist Securities also maintained its Buy rating on Quanta Services, highlighting the company's solid free cash flow generation and growth strategy. These are some of the recent developments in Powerfleet and Quanta Services.
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