Irvine-based Shimmick Corp., a builder of large water infrastructure projects, announced Chief Executive Steve Richards is retiring following a 43-year career, effective Dec. 2.
Ural Yal, an executive vice president who has served in various roles in the company since 2017, was named new CEO and a member of the Board of Directors.
“Ural’s deep expertise in both the California market and national infrastructure construction along with a proven track record of operational growth make him the ideal leader for Shimmick’s next chapter,” Shimmick Executive Chairman Mitch Goldsteen said in a statement. “With our recent major claim settlements and streamlined business strategy, we believe we are well-positioned to capitalize on market opportunities under his leadership.”
Richards has led the company since 2021 when it was spun out of AECOM. Since Shimmick went public in 2023, its shares have fallen about two-thirds.
Shimmick also today reported third-quarter revenue and earnings that topped the Zacks’ average consensus.
Shares fell 2.3% to $2.13 and a $72 million market cap.
