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LYNCHBURG, Va. - BWX Technologies, Inc. (NYSE: BWXT), a $9.9 billion market cap company currently rated with "GOOD" financial health according to InvestingPro, announced today that its executive vice president and chief financial officer, Robb A. LeMasters, has resigned from his role. The company has appointed Mike T. Fitzgerald, who currently serves as chief accounting officer, as the interim chief financial officer.
Fitzgerald, who joined BWXT in 2022, has been responsible for overseeing the company’s financial operations on a day-to-day basis. His prior experience includes leading the aerospace and defense practice at MorganFranklin, LLC as managing director and serving as an audit senior manager at Deloitte & Touche, LLP. In 2024, Fitzgerald received recognition for his financial leadership with a rising star award from the Northern Virginia Technology Council.
Rex Geveden, president and chief executive officer of BWXT, expressed confidence in Fitzgerald’s capabilities, citing his "depth of financial understanding and extensive corporate experience" as key factors that will contribute to a smooth transition and support the company’s growth strategy.
LeMasters, who has been with BWXT since the spin-off of Babcock & Wilcox Enterprises in 2015, served on the board of directors before transitioning into executive roles, including senior vice president and chief strategy officer, and later as chief financial officer. Under his financial stewardship, the company experienced growth and delivered returns to shareholders. Geveden acknowledged LeMasters’s strategic insights and dedication, and LeMasters will continue to serve as a special advisor during the transition period.
The company’s statement also included forward-looking statements about BWXT’s performance and expectations, which are subject to risks and uncertainties that could cause actual results to differ materially from those projected.
BWXT, a Fortune 1000 and Defense News Top 100 company, specializes in nuclear solutions for various sectors, including global security, clean energy, and space exploration, employing approximately 8,700 people across major operating sites in the U.S., Canada, and the U.K., along with joint ventures managing U.S. Department of Energy and NASA facilities. The company has demonstrated strong market performance with a 21.71% total return over the past year. InvestingPro subscribers have access to 13 additional key insights about BWXT’s financial health, valuation, and growth prospects through the comprehensive Pro Research Report.
This management change comes as part of the company’s ongoing efforts to maintain its commitment to operational excellence and strategic growth. The information reported is based on a press release statement from BWXT.
In other recent news, BWX Technologies reported strong financial results for the first quarter of 2025, exceeding analysts’ expectations. The company posted an earnings per share (EPS) of $0.91, surpassing the forecast of $0.77, and generated revenue of $682.3 million, beating the expected $648.7 million. Additionally, BWX Technologies announced a significant incentive award for its CEO, Rex D. Geveden, valued at $5.5 million, aimed at promoting long-term shareholder value. This award includes performance restricted stock units and non-qualified performance stock options, which will vest based on the company’s performance targets and shareholder return relative to the S&P Aerospace and Defense Select Index.
Furthermore, BWX Technologies amended its Restated Certificate of Incorporation to limit officer liability, following a stockholder vote. This amendment aligns with Delaware corporate law and reflects common practices to protect corporate officers. In other developments, the company successfully passed several key votes during its Annual Meeting, including the election of nine directors and the ratification of Deloitte & Touche LLP as the independent registered public accounting firm. These recent developments underscore BWX Technologies’ commitment to aligning executive compensation with performance and maintaining strong governance practices.
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