Tutor Perini Corp Appoints New CFO and Director

TL;DR

Tutor Perini just swapped CFOs and added a new board member. Big changes ahead?

AI Summary

On July 25, 2024, Tutor Perini Corporation announced changes in its executive team. Michael A. Verdesca has been appointed as the new Chief Financial Officer, succeeding Gary L. Smelker. Additionally, the company elected a new director, Robert J. Knauss, to its Board of Directors.

Why It Matters

These executive and board changes could signal a shift in the company's financial strategy or governance, impacting investor confidence and future performance.

Risk Assessment

Risk Level: medium — Executive and board changes can introduce uncertainty regarding future strategy and financial management.

Key Players & Entities

• Tutor Perini Corporation (company) — Registrant
• Michael A. Verdesca (person) — Appointed Chief Financial Officer
• Gary L. Smelker (person) — Departing Chief Financial Officer
• Robert J. Knauss (person) — Elected Director
• July 25, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $1.00 — ange on which registered Common Stock, $1.00 par value TPC The New York Stock Exchan
• $1,050,000 — receive (i) severance payments totaling $1,050,000, equal to 14 months of Mr. Smithson's a
• $900,000 — en-month period; (ii) a cash payment of $900,000, equal to Mr. Smithson's 2024 target an

Filing Documents

• tpc-20240725.htm (8-K) — 29KB
• 0000077543-24-000185.txt ( ) — 150KB
• tpc-20240725.xsd (EX-101.SCH) — 2KB
• tpc-20240725_lab.xml (EX-101.LAB) — 21KB
• tpc-20240725_pre.xml (EX-101.PRE) — 12KB
• tpc-20240725_htm.xml (XML) — 3KB

From the Filing

tpc-20240725 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): July 25, 2024 Tutor Perini Corporation (Exact name of registrant as specified in its charter) Massachusetts 1-6314 04-1717070 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.) 15901 Olden Street , Sylmar , California 91342-1093 (Address of Principal Executive Offices, and Zip Code) ( 818 ) 362-8391 (Registrant's Telephone Number, Including Area Code) None (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $1.00 par value TPC The New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Tutor Perini Corporation (the "Company") and Michael F. Smithson, the Company's former Executive Vice President, Civil Group, have entered into a Separation Agreement, dated July 25, 2024 (the "Separation Agreement") in connection with Mr. Smithson's previously disclosed departure from the Company on June 21, 2024. Under the Separation Agreement, in exchange for his general release of claims in favor of the Company and continuing compliance with all restrictive covenant obligations, Mr. Smithson will receive (i) severance payments totaling $1,050,000, equal to 14 months of Mr. Smithson's annual base salary, paid in equal monthly installments over a seven-month period; (ii) a cash payment of $900,000, equal to Mr. Smithson's 2024 target annual bonus (to be paid at the same time the Company pays 2024 annual bonuses to other Company executives); and (iii) reimbursement of COBRA premiums for medical, dental and vision benefits for Mr. Smithson and his eligible dependents for up to 18 months. The foregoing description of the Separation Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Separation Agreement, a copy of which will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ending June 30, 2024. 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. TUTOR PERINI CORPORATION Date: July 26, 2024 By: /s/ Anthony C. Fiore Anthony C. Fiore Corporate Secretary 3

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View this 8-K filing on SEC EDGAR