MasTec Announces Planned 2023 Executive Transitions -Retirement of George Pita and the Planned Promotion of Paul DiMarco to Executive Vice President and Chief Financial Officer

Rhea-AI Summary

MasTec, Inc. (NYSE: MTZ) announced the upcoming retirement of CFO George L. Pita, effective March 31, 2023, and the promotion of Paul DiMarco to Executive Vice President and CFO. Under Pita’s leadership, the company’s annual revenue grew from $3.7 billion to an expected $13 billion. DiMarco, a long-time MasTec executive, brings over 15 years of experience, including his role as CFO of the Power Delivery Segment. Both executives emphasized the company's strong future and commitment to infrastructure growth across North America.

Positive

• Revenue growth from $3.7 billion to an expected $13 billion during Pita's tenure.
• Paul DiMarco's promotion ensures continuity in financial leadership.

Negative

• None.

CORAL GABLES, Fla., Dec. 21, 2022 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today announced that George L. Pita, MasTec's CFO is retiring, effective March 31, 2023.  Additionally, the company is proud to announce the planned promotion of Paul DiMarco to Executive Vice President and CFO, effective upon Mr. Pita's retirement.

Jose Mas, MasTec's CEO, commented, "When George joined MasTec ten years ago, we had annual revenue of approximately $3.7 billion, and as he exits in 2023, we expect annual revenue to approximate $13 billion. During his tenure, George has provided strategic thinking and partnership, as well as financial acumen and leadership to support our incredible growth. He also developed a strong financial team with an established succession plan. I would like to thank George for his vision and dedication to MasTec and wish him well in retirement."

Mr. Mas added, "We are excited to announce that long-time MasTec financial executive, Paul DiMarco, has been identified to succeed George.  Paul has been with MasTec approximately 15 years, serving as Corporate Treasurer for over 10 years. He is currently serving as the CFO of our Power Delivery Segment and has been instrumental in the integration efforts of last year's Henkels & McCoy acquisition. Paul has strong relationships with our banking, public debt, surety and insurance partners, and we look forward to introducing him to the street over the next few months. Paul is the right person to build on the financial leadership we have received from George and help us capitalize on the unprecedented opportunities we have in front of us."

Mr. Pita stated, "I am proud to have participated in this incredible journey with MasTec. My goal has always been to retire at 60 and transition into board of director service, and as I approach 62, I am pleased to retire with the confidence that MasTec is a good hands, with great end market opportunities.  I look forward to participating in MasTec's continued strong growth over the next decade as a shareholder. The past 10 years at MasTec have been the most rewarding period of my professional career and I would like to thank Jose Mas, Jorge Mas, Bob Apple, our Board, and our Senior management team for providing me this incredible opportunity. I would also like to thank our financial constituents for their multi-year support and partnership. Most importantly, I would like to thank the men and women of MasTec whose dedication and effort have made our strong growth possible."

Mr. DiMarco commented, "I am humbled by the confidence Jose, George and the Board have placed in me and am thankful and excited for the opportunity to become MasTec's next CFO. While MasTec has experienced tremendous growth over my 15-year tenure, I believe MasTec's current diversified end markets position us better than ever for sustained revenue and earnings expansion. I look forward to building on our strong foundation of financial leadership to support MasTec's continued success as the preeminent provider of infrastructure services."

MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure, such as: power delivery services, including transmission and distribution, wireless, wireline/fiber and customer fulfillment activities; power generation, primarily from clean energy and renewable sources; pipeline infrastructure, including natural gas pipeline and distribution infrastructure; heavy civil; and industrial infrastructure. MasTec's customers are primarily in these industries. The Company's corporate website is located at www.mastec.com. The Company's website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news and webcasts on the Events & Presentations page in the Investors section therein.

View original content:https://www.prnewswire.com/news-releases/mastec-announces-planned-2023-executive-transitions--retirement-of-george-pita-and-the-planned-promotion-of-paul-dimarco-to-executive-vice-president-and-chief-financial-officer-301708613.html

SOURCE MasTec, Inc.

FAQ

What changes are happening in MasTec's executive team in 2023?

MasTec is announcing the retirement of CFO George L. Pita on March 31, 2023, and promoting Paul DiMarco to CFO.

How has MasTec's revenue changed over the years?

MasTec's annual revenue has increased from approximately $3.7 billion to an expected $13 billion during George Pita's tenure as CFO.

Who is Paul DiMarco in relation to MasTec?

Paul DiMarco is being promoted to Executive Vice President and CFO of MasTec, following George L. Pita's retirement.

When is George L. Pita retiring from MasTec?

George L. Pita is retiring from MasTec on March 31, 2023.