Primoris Services Corporation Announces Leadership Changes

Rhea-AI Summary

Primoris Services (NYSE: PRIM) has announced significant leadership changes. David King, Chairman and former CEO, has been appointed as Interim President and CEO, succeeding Tom McCormick who will depart effective March 20, 2025. The Board has initiated a search process for a permanent CEO, considering both internal and external candidates.

Additionally, Jeremy Kinch, previously Chief Operations Support Officer, has been promoted to Chief Operating Officer with immediate effect. The company emphasized that McCormick's departure is not related to Primoris's financial statements or business performance.

Primoris Services operates as a leading provider of critical infrastructure services to utility, energy, and renewables markets across the United States and Canada, specializing in engineering, construction, and maintenance services for utility-scale solar, renewables, power delivery, communications, and transportation infrastructure projects.

Positive

• Immediate leadership transition plan in place with experienced former CEO stepping in
• Internal promotion of Jeremy Kinch demonstrates strong succession planning
• Departure unrelated to financial or business performance issues

Negative

• Unexpected CEO departure creates temporary leadership uncertainty
• Potential disruption during transition period until permanent CEO is appointed

DALLAS--(BUSINESS WIRE)-- Primoris Services Corporation (NYSE: PRIM) (“Primoris” or the “Company”) today announced that David King, Chairman and our prior Chief Executive Officer, has been named Interim President and Chief Executive Officer. David will succeed Tom McCormick, who will be separating from the Company effective March 20, 2025. The Board is conducting a search process to identify a permanent CEO, which will include internal and external candidates.

In addition, the Company announced that Jeremy Kinch, Chief Operations Support Officer, has been promoted to Chief Operating Officer, effective immediately.

Lead Independent Director Stephen C. Cook said, “We have a high degree of confidence in David’s ability to lead the Company during this period of transition and appreciate his willingness to step into this important role.” He continued, “We congratulate Jeremy on his promotion to Chief Operating Officer. Since joining the Company in 2018, Jeremy has taken on increasingly more significant roles at the Company and is well-positioned to assume this new role.”

“The Board thanks Tom for his many contributions to the Company,” said David King. Mr. McCormick’s separation is unrelated to the Company’s financial statements or financial or business performance.

About Primoris

Primoris Services Corporation is a leading provider of critical infrastructure services to the utility, energy, and renewables markets throughout the United States and Canada. Built on a foundation of trust, we deliver a range of engineering, construction, and maintenance services that power, connect, and enhance society. On projects spanning utility-scale solar, renewables, power delivery, communications, and transportation infrastructure, we offer unmatched value to our clients, a safe and entrepreneurial culture to our employees, and innovation and excellence to our communities. To learn more, visit www.prim.com and follow us on social media at @PrimorisServicesCorporation.

Forward-Looking Statements

This press release contains certain forward-looking statements, including about the anticipated search process, that reflect, when made, the Company’s expectations or beliefs concerning future events that involve risks and uncertainties. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “intends”, “may”, “plans”, “potential”, “predicts”, “projects”, “should”, “targets”, “will”, “would” or similar expressions. Applicable risks and uncertainties include, among others, decisions made by the Board and risks identified in Part I, Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and the Company’s other filings with the U.S. Securities and Exchange Commission (“SEC”). Such filings are available on the SEC’s website at www.sec.gov. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements. Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250314936096/en/

Company Contact

Ken Dodgen

Executive Vice President, Chief Financial Officer

(214) 740-5608

kdodgen@prim.com

Blake Holcomb

Vice President, Investor Relations

(214) 545-6773

bholcomb@prim.com

Source: Primoris Services Corporation

FAQ

When will Tom McCormick leave his position as CEO of Primoris (PRIM)?

Tom McCormick will separate from Primoris Services effective March 20, 2025.

Who is the interim CEO of Primoris (PRIM) following McCormick's departure?

David King, the Chairman and former CEO, has been named Interim President and Chief Executive Officer.

What is Jeremy Kinch's new role at Primoris (PRIM)?

Jeremy Kinch has been promoted from Chief Operations Support Officer to Chief Operating Officer, effective immediately.

Is Tom McCormick's departure from Primoris (PRIM) related to financial performance?

No, the company explicitly stated that McCormick's separation is unrelated to the company's financial statements or financial or business performance.

How is Primoris (PRIM) conducting its search for a permanent CEO?

The Board is conducting a search process that will consider both internal and external candidates for the permanent CEO position.