Business

Kevin Berryman to Serve as Interim CFO of Jacobs Solutions Inc.

DALLAS, April 1, 2024 /PRNewswire/—Jacobs Solutions Inc. (NYSE: J), a pioneer in delivering innovative solutions for advanced facilities, aerospace, and other cutting-edge fields, has recently made a strategic shift in its financial leadership. The enterprise announced that Kevin Berryman, who has significantly contributed to Jacobs’ trajectory as the former President and Chief Financial Officer and is presently a Special Advisor to CEO Bob Pragada, will be taking on the position of interim Chief Financial Officer starting from March 29, 2024. This change follows Claudia Jaramillo's decision to leave the company to seek new opportunities. With the goal of finding a long-term replacement, Jacobs has employed the expertise of an executive recruitment agency to guide its search for a new CFO.

Bob Pragada, Jacobs' CEO, expressed his high regard for Berryman’s outstanding dedication and accomplishments during his tenure, particularly highlighting the remarkable growth and transformation that Jacobs has experienced over Berryman's nine-year service as CFO. As Berryman transitions back into the role on an interim basis, he is expected to leverage his strategic and collaborative leadership skills which he has been applying to help steer the recent separation of the Critical Mission Solutions and Cyber & Intelligence units within the company.

"Returning to the role of CFO at Jacobs, a position that I found immensely fulfilling throughout my career, is an honor. My focus is to ensure a seamless financial leadership transition while maintaining our trajectory towards achieving our financial and operational objectives," Berryman stated. He remains committed to bolstering the company's ongoing efforts to refine its cost structure and push for amplified profitable growth and margin enhancement. He pointed to the positive results these strategic actions have produced, evidenced by the robust performance in the most recent quarter.

CEO Pragada also extended his gratitude on behalf of Jacobs for Claudia Jaramillo's contributions over the past two years and offered best wishes for her future endeavors.

Furthermore, Jacobs reassured stakeholders and the market of its firm adherence to the fiscal forecasts for the year 2024, previously disclosed. These estimates factor in adjusted EBITDA and adjusted EPS, which have been carefully calculated to exclude certain costs, such as those related to the restructuring and separation of the CMS and Cyber & Intelligence businesses. It is worth noting that these projections are inclusive of the split businesses’ full fiscal year contributions. More detailed insights into the financial outlook for the upcoming fiscal year will be provided during Jacobs' earnings call, slated for May 7, 2024.

A Seasoned Veteran: Kevin Berryman's Professional Path

Before his interim appointment, Berryman's profound impact at Jacobs began when he joined the company in 2014 as Executive Vice President and CFO. His role expanded in November 2019 when he was appointed both President and CFO, a position he upheld until August 2023 before transitioning into his role as Special Advisor to the CEO. His responsibilities as CFO were extensive, encompassing all realms of corporate finance—ranging from accounting to strategic initiatives, capital allocation, mergers and acquisitions, and investor relations. Under his watch, Berryman also managed global business services which included tax, IT, real estate, internal audit, and enterprise business services.

Berryman's rich background includes nearly six years at the helm of financial operations for International Flavors and Fragrances Inc., a noteworthy S&P 500 company and a global innovator in its industry. His extensive experience reaches back to a remarkable 25-year span at Nestlé, where he operated in various financial and operational capacities, notably in treasury, mergers and acquisitions, strategic planning, and ultimately as CFO of Nestlé's most substantial acquisition, Ralston Purina.

Beyond his corporate duties, Berryman lends his expertise to the boards of directors for Sealed Air Corporation, an entity specializing in packaging solutions, and ITT Inc. (NYSE: ITT), a producer of critically engineered components and technology solutions. He holds a Bachelor of Arts degree in economics from Occidental College and furthered his education with a Master of Business Administration with a focus on finance from The University of California, Los Angeles.

Envisioning the Future with Jacobs

At Jacobs, pushing the boundaries of what’s possible today to create a better tomorrow stands at the core of every project and innovation. The company takes pride in addressing the world’s most critical challenges, including creating sustainable urban environments, executing mission-critical outcomes, advancing operational processes, pioneering scientific discovery, and establishing new benchmarks in cutting-edge manufacturing. Boasting an impressive annual revenue of approximately $16 billion and a diverse workforce exceeding 60,000, Jacobs provides a broad range of professional services, from consulting to project delivery, for both government and the private sector entities.

Their commitment to transforming abstract concepts into tangible realities drives progress the world can benefit from, which further cements Jacobs’ position as a force for positive change.

For more information on Jacobs and its myriad initiatives, interested individuals can visit jacobs.com. Additionally, engaging with the company's social media presence provides a more personal touchpoint for existing and potential stakeholders. Jacobs actively engages audiences across platforms including Facebook, Instagram, LinkedIn, and Twitter.

Forward-Looking Statements and Investor Relations

The company's press release included forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. These statements do not rely on historical or current facts but instead gaze into the company's future expectations for its fiscal year 2024 adjusted EBITDA and adjusted EPS. They also reflect the prospective results of the various restructuring efforts and the positive impact they are likely to have on enhancing the company’s profit margins.

These forward-looking statements are hinged upon both management's current judgements and accessible competitive, financial, and economic data. Nevertheless, an inherent uncertainty looms over such forward-looking statements. Potential variations in business outcomes can arise from a myriad of sources, including, but not confined to, tentative plans for the spin-off and union with Amentum of the CMS business and portions of the Divergent Solutions branch. Changes in the macroeconomic environment such as inflationary trends, monetary policy responses to such economic conditions, alterations in interest rates and currency valuations, capital market fluctuations, the risk of recession or economic downturn, geopolitical tensions, conflicts, and the unprecedented impact of any future pandemics or infectious disease outbreaks could also significantly sway results. It is pertinent to acknowledge the governmental responses to such health emergencies and their subsequent implications on the global and regional economies.

For further investor-related inquiries or media information, one may contact Ayan Banerjee for investor relations or Louise White for media relations. Contact details are available for both Ayan Banerjee at [email protected] and Louise White at [email protected], with telephone correspondence for media inquiries reachable at (469) 724-0810.

In conclusion, Jacobs continues to outline its dedication to advancing society through its expertly executed services and innovations. With a legacy of effecting transformative changes under capable leaders, the company's reaffirmation of its financial outlook and the recent executive role transitions signify continued progression towards future successes. Jacobs, standing firm on the values of excellence and innovation, remains focused on the strategic direction and the operational achievements presided by capable industry leaders like Kevin Berryman.

SOURCE: Jacobs

For an in-depth understanding of the company's financial projections and current strategies, the details can be directly sourced from Jacobs’ official releases, presenting investors and interested parties with transparent insights into the evolving landscape of this global powerhouse.