Brendan Bechtel, 35, the fifth-generation president of construction giant Bechtel Corp., is expected to rise to CEO at the $40 billion, family-controlled company by early 2018, according to
a lengthy report in
Fortune
.
Bechtel is poised to take over as oil and mining companies are feeling the effects of the decline in commodities prices and are canceling or delaying projects, the article said. At the same time, Chinese contractors “are starting to compete in the markets where Bechtel is strongest,” the report said.
A book released in March,
The Profiteers
by Sally Denton, criticizes Bechtel’s “for operating a revolving door for powerful government officials, hiring them for millions of dollars a year, then allegedly exploiting the connections to win business when they return to the highest echelons of government,” the
Fortune
report noted. “We follow the uniform public procurement process. The notion that we can influence that process instead of operating on a level playing field is wrong. I reject the premise of cronyism,” Brendan Bechtel told
Fortune
Bechtel’s father, Riley Bechtel, retired in 2013 at 61 after being diagnosed with Parkinson’s disease. A non-family member, Bill Dudley, has been CEO since then and is scheduled to retire at the end of 2017.
Brendan Bechtel, Riley Bechtel and Steve Bechtel Jr. own 40% of the shares; managers and outside directors own 60%. Although the family shares carry no special voting rights, Bechtel family members may leave their shares to family trusts, while non-family owners must sell their shares back upon retirement. (Source:
Fortune
, May 17, 2016.)
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