Shimmick Corp. (NASDAQ: SHIM), a leading water infrastructure
company, today announced that it has appointed Ural Yal as its new
CEO and member of the Board of Directors effective December 2,
2024. Mr. Yal succeeds Steve Richards as he retires following a
distinguished 43-year career.
Mr. Yal, 47, brings over 26 years of experience in water and
critical infrastructure construction. Since joining in 2017, he
served in various senior roles at Flatiron Construction, where he
led teams and business units that won and executed large and
complex water and heavy civil infrastructure projects. Most
recently as an Executive Vice President, he oversaw the company’s
growth into new markets and expansion into projects delivered
through risk balanced, collaborative project delivery methods.
Earlier in his career he served in progressive operating and
leadership roles from Field Engineer to Area Manager, gaining a
strong understanding of the industry from the ground up, with a
focus in the California market. Throughout his career, Mr. Yal has
adopted a client focused approach to engineering and construction
while achieving successful financial outcomes and consistent and
sustainable growth. Mr. Yal has an undergraduate degree in Civil
engineering from Istanbul Technical University and an MBA from
California State University, Dominguez Hills. He is also a
California licensed civil engineer.
“Ural’s deep expertise in both the California market and
national infrastructure construction along with a proven track
record of operational growth make him the ideal leader for
Shimmick’s next chapter,” said Shimmick’s Executive Chairman Mitch
Goldsteen. “With our recent major claim settlements and streamlined
business strategy, we believe we are well-positioned to capitalize
on market opportunities under his leadership.”
“I am honored to join Shimmick and its team of dedicated
professionals,” said Mr. Yal. “Shimmick has been known for
undertaking and delivering challenging projects for decades. This
reputation provides a strong foundation as we focus on growth
through operational excellence, safety leadership, and client
satisfaction.”
Steve Richards has served as Shimmick’s CEO since 2021,
culminating a career-long tenure with the Company and its
predecessors. Under his leadership, Shimmick successfully completed
its transition to a standalone public company through its IPO and
established a strong market position. Following his retirement, Mr.
Richards will transition to a strategic advisor role to assist with
the leadership transition and he will remain a member of the Board
of Directors until the 2025 annual meeting.
“On behalf of the entire Board of Directors, I want to extend
our gratitude to Steve for his strong leadership and critical
contributions to Shimmick over the course of his career,” said Mr.
Goldsteen. “His steadfast leadership through our IPO and strategic
repositioning has created a solid platform for future success. We
are grateful for his continued guidance during this transition
period and wish him the very best in his well-deserved
retirement.”
“With our recent legacy project settlements, I believe this is
the optimal time for the Company’s leadership transition,” said Mr.
Richards. “Throughout my 43-year career, I’ve had the privilege of
working alongside exceptional colleagues who consistently delivered
quality work with an outstanding safety record. I believe Ural’s
proven leadership capabilities make him exceptionally
well-qualified to guide Shimmick through its next growth
phase.”
About Shimmick Corporation
Shimmick Corporation ("Shimmick", the "Company")
(NASDAQ: SHIM) is a leading provider of water and critical
infrastructure solutions throughout California and nationwide.
Shimmick has a long history of working on all types of complex
projects, ranging from the world’s largest wastewater recycling and
purification system in California to the iconic Hoover Dam.
According to Engineering News Record, in 2024, Shimmick was
nationally ranked as a top ten builder of water supply (#8), dams
and reservoirs (#6), and water treatment and desalination plants
(#7). Shimmick consistently achieves project excellence through its
experienced and dedicated workforce and a continued commitment
towards delivering on our client’s goals.
Forward-Looking Statements
This release contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"). These forward-looking statements are
often characterized by the use of words such as “may,” “should,”
“expects,” “plans,” “anticipates,” “could,” “intends,” “targets,”
“projects,” “contemplates,” “believes,” “estimates,” “predicts,”
“potential” or “continue” or the negative of these terms or other
similar words. Forward-looking statements are only predictions
based on our current expectations and our projections about future
events, and we undertake no obligation to update any
forward-looking statement to reflect events or circumstances,
including, but not limited to, unanticipated events, after the date
on which such statement is made, unless otherwise required by law.
Forward-looking statements contained in this release include, but
are not limited to, statements about regarding the Company’s CEO
transition. These statements involve risks and uncertainties, and
actual results may differ materially from any future results
expressed or implied by the forward-looking statements.
Forward-looking statements are only predictions based on our
current expectations and our projections about future events, and
we undertake no obligation to update any forward-looking statement
to reflect events or circumstances, including, but not limited to,
unanticipated events, after the date on which such statement is
made, unless otherwise required by law.
The Company cautions readers that, although it
believes any forward-looking statements are based on reasonable
assumptions, certain important factors may have affected and could
in the future affect the Company’s actual financial results and
could cause its actual financial results for subsequent periods to
differ materially from those expressed in any forward-looking
statement made by or on the Company’s behalf, including, but not
limited to, the following: the Company’s ability to accurately
estimate risks, requirements or costs when the Company bids on or
negotiates a contract; the impact of the Company’s fixed-price
contracts; qualifying as an eligible bidder for contracts; the
availability of qualified personnel, joint venture partners and
subcontractors; inability to attract and retain qualified managers
and skilled employees and the impact of loss of key management;
higher costs to lease, acquire and maintain equipment necessary for
the Company’s operations or a decline in the market value of owned
equipment; subcontractors failing to satisfy their obligations to
the Company or other parties or any inability to maintain
subcontractor relationships; marketplace competition; the Company’s
limited operating history as an independent company following its
separation from AECOM; the Company’s inability to obtain bonding;
the Company’s relationship and transactions with its prior owner,
AECOM, and requirements to make future payments to AECOM; AECOM
defaulting on its contractual obligations to the Company or under
agreements in which the Company is a beneficiary; the Company’s
limited number of customers; dependence on subcontractors and
suppliers of materials; any inability to secure sufficient
aggregates; an inability to complete a merger or acquisition or to
integrate an acquired company’s business; adjustments in the
Company’s contact backlog; accounting for the Company’s revenue and
costs involves significant estimates, as does the Company’s use of
the input method of revenue recognition based on costs incurred
relative to total expected costs; any failure to comply with
covenants under any current indebtedness, and future indebtedness
the Company may incur; the adequacy of sources of liquidity;
cybersecurity attacks against, disruptions, failures or security
breaches of, the Company’s information technology systems;
seasonality of the Company’s business; pandemics and health
emergencies; commodity products price fluctuations, inflation
and/or elevated interest rates; liabilities under environmental
laws, compliance with immigration laws, and other regulatory
matters, including changes in regulations and laws; climate change;
deterioration of the U.S. economy; geopolitical risks, including
those related to the war between Russia and Ukraine and the
conflict in the Gaza Strip and the conflict in the Red Sea Region;
the Company’s ability to timely file reports with the Securities
and Exchange Commission; and other risks detailed in its filings
with the Securities and Exchange Commission, including the “Risk
Factors” section in the Company’s Annual Report on Form 10-K for
the fiscal year ended December 29, 2023 and those described from
time to time in the Company’s future reports with the SEC.
Investor Relations Contact1-949-704-2350
IR@shimmick.com
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