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Shimmick CEO to Retire

Ural Yal named as replacement

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.

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Peter J. Brennan
Peter J. Brennan
With four decades of experience in journalism, Peter J. Brennan has built a career that spans diverse news topics and global coverage. From reporting on wars, narcotics trafficking, and natural disasters to analyzing business and financial markets, Peter’s work reflects a commitment to impactful storytelling. Peter’s association with the Orange County Business Journal began in 1997, where he worked until 2000 before moving to Bloomberg News. During his 15 years at Bloomberg, his reporting often influenced financial markets, with headlines and articles moving the market caps of major companies by hundreds of millions of dollars. In 2017, Peter returned to the Orange County Business Journal as Financial Editor, bringing his heavy business industry expertise. Over the years, he advanced to Executive Editor and, in 2024, was named Editor-in-Chief. Peter’s work has been featured in prestigious publications such as The New York Times and The Washington Post, and he has appeared on CNN, CBC, BBC, and Bloomberg TV. A Kiplinger Fellowship recipient at The Ohio State University, he leads the Business Journal with a dedication to uncovering stories that matter and shaping the local business community and beyond.
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