Granite COO to retire, no successor to be named

WATSONVILLE, Calif. - Granite Construction Incorporated (NYSE:GVA), a major player in the U.S. construction and materials industry with a market capitalization of $3.78 billion and a "GOOD" financial health rating according to InvestingPro, announced today that Executive Vice President and Chief Operating Officer James A. "Jim" Radich is set to retire on July 4, 2025. Following his departure, the company has decided not to appoint a direct successor. Instead, Granite’s Senior Vice Presidents of Construction and Materials will report directly to the President and CEO, Kyle Larkin.

Jim Radich’s tenure at Granite began in 1980, and his career has been marked by a progression of leadership roles across various segments of the construction industry. His responsibilities have spanned from project management on key heavy-civil projects to senior regional management positions. Under his leadership, the company has achieved significant growth, with revenue increasing by 11.42% in the last twelve months to $4.03 billion. Radich, a registered civil engineer with a BS from Santa Clara University, has been influential in overseeing the company’s operations and achieving its financial objectives.

Kyle Larkin, President and CEO of Granite, recognized Radich’s "numerous and meaningful contributions" and his pivotal role in the company’s transformation over the past four years. Larkin expressed gratitude for Radich’s service and wished him well in his retirement.

Granite, known as America’s Infrastructure Company™, has been incorporated since 1922 and is recognized for its commitment to ethical standards, safety, quality, and sustainability within the industry. The company has maintained dividend payments for 36 consecutive years and currently operates with moderate debt levels. The company’s decision to adjust its leadership structure instead of directly replacing the COO reflects a strategic choice in its management approach. For deeper insights into Granite’s financial health and growth prospects, access the comprehensive Pro Research Report available on InvestingPro.

This announcement contains forward-looking statements regarding the impact of Radich’s retirement and the new reporting structure of the company’s senior vice presidents. Analysts maintain a positive outlook for the company, with earnings forecast to grow this year. These statements are based on current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially.

The information in this article is based on a press release statement from Granite Construction Incorporated.

In other recent news, Granite Construction reported its first-quarter 2025 earnings, exceeding expectations with an earnings per share (EPS) of $0.01, compared to the anticipated loss of $0.52. However, the company’s revenue for the quarter was $614.62 million, falling short of the projected $705.95 million. Despite the revenue miss, Granite Construction maintained its 2025 revenue guidance, targeting between $4.2 billion and $4.4 billion. The company also plans to pursue 2-3 mergers and acquisitions this year, focusing on materials-focused, vertically integrated acquisitions.

Additionally, Granite Construction announced the upcoming retirement of its Executive Vice President and Chief Operating Officer, James A. Radich, effective July 4, 2025. The company has not disclosed any details regarding a successor or the reasons for Radich’s departure. Meanwhile, significant expansions in the materials segment, including new plants and increased reserves, were highlighted as part of Granite Construction’s strategic growth initiatives.

The company experienced a 4% year-over-year increase in revenue and a substantial 54% rise in gross profit, attributed to operational efficiencies and strategic expansions. Analysts from D.A. Davidson and Thompson Research Group engaged with Granite executives during the earnings call, highlighting a strong bidding environment and successful market penetration. Investors and stakeholders will be monitoring these developments closely as the company navigates leadership changes and strategic growth plans.

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