A leading engineering & construction firm
A leading integrated service provider of maintenance, construction, engineering and turnaround activities for the upstream and downstream oil and gas markets retained Morgan Samuels to fill their Chief Executive Officer role. Known for their world-class safety program and impeccable safety record, the company has been ranked among the top contractors nationally for over two decades by Engineering News-Record.
The company’s founder had intended to sell the company, but two previous CEOs had been unsuccessful in preparing it for sale – the company had shrunk rather than grown, and profitability was drastically down from the early years. We were asked to find a CEO who could come in and immediately execute a real turnaround. As the two previous CEOs had failed, the stakes were high – the next CEO absolutely could not fail as the company would have lost credibility and likely would never be able to sell. It was critical to place a CEO who thoroughly knew the three pieces of the client’s business – engineering, construction and services.
We successfully closed the search in 67 days. The client hired their top candidate – a 30-year construction veteran in the oil-and-gas sector – with the mandate that the company be sold within five years. Within only two and a half years the new CEO had doubled the company’s EBITDA, and shortly thereafter sold the company for a substantial profit. The purchasing firm was so impressed with the CEO that they made an attractive offer to him to remain as CEO and continue building the firm to take it national.