Bullish indicating open at $55-$60, IPO prices at $37
Granite Construction Incorporated (NYSE:GVA), a $4.1 billion construction company with strong financial health according to InvestingPro analysis, announced that James Radich retired as Executive Vice President and Chief Operating Officer on Friday. The company, which has maintained dividend payments for 36 consecutive years and achieved 11.4% revenue growth in the last twelve months, disclosed the change in a press release statement filed with the Securities and Exchange Commission.
According to the filing, Mr. Radich’s employment with Granite Construction ended on Friday. In connection with his retirement, he and the company entered into a severance agreement. Under the agreement, Mr. Radich will receive payment for accrued but unpaid salary or wages through his separation date. He will also remain eligible for vested benefits under the company’s Annual Incentive Plan and 2025 participation agreement, based on actual results.
The severance agreement provides for a payout under Mr. Radich’s long-term incentive plan awards, also based on actual results through the end of the applicable performance period and prorated for his service, including accrued but unused vacation days. This payout will be made in cash. In addition, Mr. Radich will receive a cash payment equal to 18 months of COBRA health care coverage for himself and eligible dependents. The agreement includes customary provisions related to non-solicitation, non-disparagement, cooperation, and a general release and waiver. Mr. Radich also received a retirement gift valued at approximately $3,000.
Granite Construction and Mr. Radich also entered into a consulting agreement effective Friday. Under this agreement, Mr. Radich may provide consulting services to the company through October 31, 2025, with the possibility of extension upon mutual agreement. His consulting work may include management transition, project and construction management, claim review, and other business matters. Mr. Radich will be compensated at an hourly rate of $250. The consulting agreement contains confidentiality and non-compete provisions.
All information is based on a press release statement included in the company’s SEC filing.
In other recent news, Granite has been awarded a $54 million contract for the first phase of a highway realignment project in Alaska. This project, in collaboration with the Alaska Department of Transportation and Public Facilities, aims to improve traffic safety by realigning a segment of the Parks Highway. Additionally, Granite has secured a $3 million preconstruction contract for the Tahoe Cedars Water Reconstruction Project in California, marking its first Progressive Design-Build contract in the state. The full project, slated to begin in 2026, will upgrade water infrastructure on Lake Tahoe’s west shore.
Granite has also formed a joint venture with Contri Construction Company for the Paradise Hills Construction Manager at Risk Project in Southern Nevada, with an estimated construction contract value of $240 million. This project, part of the Southern Nevada Water Authority’s Horizon Lateral Program, involves significant infrastructure improvements, including the installation of a large steel water pipeline and a new pumping station. Analyst firm DA Davidson has maintained its Buy rating on Granite, with a price target of $108, highlighting the company’s strategic focus on mergers and acquisitions and robust organic growth opportunities. The firm’s positive outlook is based on Granite’s consistent execution and strategic initiatives, which are expected to enhance its appeal to investors.
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