Parsons Promotes Matt Ofilos to Chief Financial Officer; Names George Ball and Ellen Lord to Board of Directors

Rhea-AI Summary

Parsons Corporation (NYSE: PSN) announced the appointment of Matt Ofilos as its new Chief Financial Officer (CFO) on July 25, 2022, succeeding George Ball, who will remain as an advisor until September. Ofilos, with over 20 years of experience in finance, previously held key financial roles at Amazon Web Services and Raytheon. The board also appointed George Ball and Ellen Lord, former Under Secretary of Defense, as directors. Ofilos aims to continue driving growth and operational excellence within the company.

Positive

• Matt Ofilos brings over 20 years of finance experience and a track record of profitable growth.
• Ofilos has previously managed multi-billion-dollar finance organizations, enhancing credibility.
• The appointment of experienced directors like Ellen Lord aims to strengthen strategic oversight.

Negative

• Transitioning from George Ball, who has been pivotal since 2008, may pose continuity challenges.

CENTREVILLE, Va., July 25, 2022 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) has named Matt Ofilos as the company’s chief financial officer (CFO). Ofilos, who previously served as Parsons’ executive vice president of finance, succeeds George Ball, who served as CFO since 2008 and will remain in an advisory capacity through September 2022. Ofilos brings more than 20 years of finance experience and a proven track record of delivering profitable growth and building high-performance finance teams to the role. The board of directors also announced the appointment of two new directors: George Ball and Ellen Lord, the former Under Secretary of Defense for Acquisition and Sustainment. All three appointments are effective July 25, 2022.

“Matt has earned the trust and confidence of our board, workforce, and stakeholders since joining the company last year,” said Carey Smith, chair, president, and chief executive officer of Parsons. “His public company experience, financial acumen, and integrity make him a natural selection to serve as our next CFO. His focus on growth and execution will continue to underpin the success of our finance function and the entire company.”

As executive vice president of finance, Ofilos led the company’s financial operations, including project controls, financial planning, accounting, treasury, and financial systems. Before joining Parsons in 2021, he led multi-billion-dollar finance organizations, including those for Amazon Web Services’ (AWS) Worldwide Public Sector and Strategic Industries businesses. Prior to AWS, he held roles of increasing responsibility at Raytheon, concluding his tenure as CFO for the Space and Command & Control businesses for the Intelligence, Information and Services segment. Ofilos holds a Master of Business Administration from Boston University and a Bachelor of Science from Babson College.

“I am honored and proud to be named Parsons’ next CFO and succeed such a respected leader as George Ball,” said Ofilos. “I look forward to continuing to partner with our business leaders to drive growth and operational excellence while leading a best-in-class finance organization. It’s a privilege to work alongside the talented employees across our global enterprise who successfully deliver on our customers’ critical missions every day.”

Smith also applauded the appointment of Ball and Lord to Parsons’ Board of Directors: “George has played an indelible role in shaping Parsons since joining the company in 1995, and especially since being appointed CFO in 2008. His strategic counsel enabled us to become an industry leader in the national security and critical infrastructure markets. I’m thrilled that we’ll continue to benefit from his insights and expertise, especially in the infrastructure sector, as a member of our board.”

“Ellen Lord has spent her career advancing national security. Her addition to the Parsons’ Board brings a wealth of operational and strategic experience across government and industry that are essential to our goal of advancing defense, intelligence, and global infrastructure. Her voice, perspectives, and depth of understanding of future global stability imperatives will be invaluable additions to our board.”

Ball joined Parsons in 1995 and served in multiple roles before being appointed CFO in 2008. He was integral in the company going public in May 2019 and the organization’s transformation into a technology-driven solutions company. He has also served on the boards of directors of multiple public and non-profit organizations.

Lord previously served in the U.S. Department of Defense as Under Secretary of Defense for Acquisition and Sustainment from 2017-2021, where she was responsible for all matters pertaining to acquisition; developmental testing; contract administration; logistics and materiel readiness; installations and environment; operational energy; chemical, biological, and nuclear weapons; the acquisition workforce; and the defense industrial base. She brings more than 30 years of experience in the defense industry, including having served as president and chief executive officer of Textron Systems Corporation, a subsidiary of Textron Inc., where she led a broad business supporting global defense, homeland security, aerospace, and infrastructure protection customers. She also serves on the boards of GEOST, LLC; AAR Corporation; and Voyager Space.

To learn more about Parsons’ leadership team, please visit: https://www.parsons.com/leadership/

About Parsons

Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and critical infrastructure markets, with capabilities across cybersecurity, missile defense, space, C5ISR, transportation, environmental remediation, and water/wastewater treatment. Please visit Parsons.com and follow us on LinkedIn and Facebook to learn how we’re making an impact.

Media Contact:
Bryce McDevitt
+1.703.851.4425
Bryce.McDevitt@parsons.com

Investor Relations Contact:
Dave Spille
+ 1.703.775.6191
Dave.Spille@parsons.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/24db133e-00ca-4a81-a63d-2c9b9d3f2c4c

FAQ

Who is the new CFO of Parsons Corporation?

Matt Ofilos has been appointed as the new CFO of Parsons Corporation as of July 25, 2022.

What experience does Matt Ofilos have?

Matt Ofilos has over 20 years of finance experience, including roles at Amazon Web Services and Raytheon.

Who did Matt Ofilos replace as CFO?

Matt Ofilos replaced George Ball, who served as CFO since 2008.

What is the significance of George Ball and Ellen Lord's appointments?

George Ball's continued advisory role and Ellen Lord's defense industry expertise are expected to strengthen Parsons' strategy.

When did the leadership changes at Parsons become effective?

The leadership changes at Parsons became effective on July 25, 2022.