{"id":7757,"date":"2022-02-03T15:08:00","date_gmt":"2022-02-03T23:08:00","guid":{"rendered":"https:\/\/essential.construction\/news\/?p=7757"},"modified":"2022-02-03T15:08:00","modified_gmt":"2022-02-03T23:08:00","slug":"former-gilbane-ceo-mckelvy-tapped-to-lead-mcdermott","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/former-gilbane-ceo-mckelvy-tapped-to-lead-mcdermott\/","title":{"rendered":"Former Gilbane CEO McKelvy tapped to lead McDermott"},"content":{"rendered":"
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Dive Brief<\/p>\n<\/div>\n

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Published Feb. 3, 2022<\/p>\n<\/div>\n<\/div>\n

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Dive Brief:<\/h3>\n

Mike McKelvy, the former outspoken chief executive at Boston-based top 20 general contractor Gilbane Building Co., assumed leadership of Houston-based energy contractor McDermott International as its new president and CEO, just three weeks after announcing a short-lived retirement.
\nThe move puts McKelvy at the helm of a publicly traded construction giant that found itself stumbling prior to the start of the COVID-19 pandemic. The firm filed for Chapter 11 bankruptcy protection in January 2020 to shield it from 50,000 to 100,000 creditors<\/a>, before emerging with $4.6 billion less in debt and a new $2.4 billion credit facility. Long-time CEO David Dickson resigned<\/a>, without explanation, a year later.
\nIn a statement from McDermott<\/a>,\u00a0McKelvy seemed energized by the challenges of his new role. “I am eager and enthusiastic to join this already-robust leadership team and continue their progress to strengthen the portfolio and forge a new path for the industry,” McKelvy said. “McDermott’s business model and commercial strategy carve out a unique position to further capitalize on the changing industry dynamics and facilitate the energy transition.”<\/p>\n

McKelvy takes the reins at the restructured McDermott, which had revenues of $8.4 billion in 2019 before being delisted from the New York Stock Exchange in 2020, as it continues to regain its balance in the shrinking energy sector.<\/p>\n

For example, the petroleum construction market plummeted from more than $59 billion in combined company revenues in 2013 to just $23 billion in 2020, according to the Engineering News-Record, a drop of 59%. McDermott\u2019s shares currently remain in penny-stock territory. They gained 15% in value over the last five days to hit 69 cents in over-the-counter trading.<\/p>\n

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Mike McKelvy
\nPermission granted by Gilbane Building Co.<\/p>\n

McKelvy, who led Gilbane since 2014, oversaw revenues of $6.5 billion in 2020 \u2014\u00a0the highest total in the firm\u2019s 150-year history. He contributed to projected revenue in excess of $6 billion for 2021, and Gilbane entered 2022 with a record backlog of projects, the firm said in a release<\/a> announcing McKelvy\u2019s departure Jan. 7. \u00a0<\/p>\n

Beyond his business acumen, McKelvy has maintained a high profile for industry-wide initiatives. Under his leadership, Gilbane chaired National Construction Safety Week, as well as the inaugural Construction Inclusion Week, in 2021.<\/p>\n

The latter came together when Gilbane chairman Tom Gilbane and New York-based Turner Construction CEO Peter Davoren discussed the social upheaval that had erupted in the wake of George Floyd\u2019s murder in 2020, and a number of hate acts, including the display of nooses, that emerged on construction sites that year.<\/p>\n

In the kickoff for Construction Inclusion Week, which is aimed at combating those acts and fostering more diversity and inclusion in the industry, McKelvy told Construction Dive<\/a> that he had fired workers who included racist material and their association with Gilbane\u00a0on their social media accounts.<\/p>\n

“We weren’t going out and searching people’s Facebook pages,” McKelvy said. “But somebody who knows our company’s culture would see a post, and that they worked for Gilbane, and they would reach out to us to say, ‘I don’t think this is representative of who you are as a company.'”<\/p>\n

McKelvy succeeds interim CEO Lee McIntire at McDermott, who took over from Dickson and will continue to serve on the firm\u2019s board of directors.<\/p>\n<\/div>\n

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Filed Under: Commercial Building,<\/a> Corporate News,<\/a> Economy,<\/a> COVID-19<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n

This item was originally posted here: Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"

Dive Brief Published Feb. 3, 2022 Dive Brief: Mike McKelvy, the former outspoken chief executive at Boston-based top 20 general … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":7758,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1066,457],"tags":[],"class_list":["post-7757","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-posts","category-construction-dive","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts\/7757","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/comments?post=7757"}],"version-history":[{"count":0,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts\/7757\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/media\/7758"}],"wp:attachment":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/media?parent=7757"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/categories?post=7757"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/tags?post=7757"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}