The chief executive of construction services firm Jacobs Engineering Group Inc. is retiring from the Pasadena company because of health issues, the company said.
Craig L. Martin, who joined Jacobs in 1994 and became CEO in 2006, will step down Dec. 26, the last day of Jacobs’ first fiscal quarter, Jacobs said Sunday in a news release.
Noel G. Watson, the company’s former CEO, will serve as executive chairman until a new chief executive is appointed, the company said. Watson has been chairman of the company’s board since 2004 and was its CEO from 1992 until 2006.
“I would love to continue to lead this extraordinary organization, but it would be unfair to our employees and our shareholders for me to try to continue in my role and address my health issues,” Martin said in a statement.
“We have a number of excellent candidates for my replacement within the company, but I have encouraged the board to look externally as well. I plan to remain available to Noel and the team to facilitate the best possible transition.”
The company did not disclose details of Martin's illness.
Jacobs, which started as a one-man consulting shop in 1947, has grown into one of the largest and most respected U.S. construction services firms. It handles engineering, architecture and construction projects for governments and businesses worldwide.
Jacobs' revenue for its most recent fiscal year, which ended in September, rose 7% to $12.7 billion, but net income fell 20% to $352 million. The company’s stock is down 22% this year.