Granite Construction Inc 8-K, filed Feb 13, 2020
Granite Construction Inc (GVA)
About this 8-K
Granite Construction Inc filed this 8-K on February 13, 2020, reporting on events of February 10, 2020.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
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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).
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Item 5.02. |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On February 10, 2020, Granite Construction Incorporated (the “Company”) announced the appointment of Kyle T. Larkin as Executive Vice President and Chief Operating Officer of the Company effective February 10, 2020. In this position, Mr. Larkin will be responsible for overseeing the day-to-day operations of the Company, reporting directly to James H. Roberts, President and Chief Executive Officer of the Company. Mr. Larkin, age 48, joined Granite in 1996 and has held a variety of positions within the Company, including serving as Senior Vice President and Group Manager from 2017 to 2019. In October 2019, the Company announced that Mr. Larkin would serve as Senior Vice President and Manager of Construction and Materials Operations. Previously, Mr. Larkin served as Vice President and Regional Manager in Nevada from January 2014 to September 2017 and President of Granite’s wholly owned subsidiary, Intermountain Slurry Seal, Inc. from 2011 to 2014. He also served as Manager of Construction for the Company’s Reno area office from 2008 to 2011, Chief Estimator from 2004 to 2008 and Project Manager, Project Engineer and Estimator at Granite’s Nevada Branch between 1996 and 2003. Mr. Larkin holds a B.S. in Construction Management from California Polytechnic State University, San Luis Obispo and an M.B.A. from the University of Massachusetts, Amherst.
In connection with Mr. Larkin’s appointment, his compensation package was adjusted to: (i) increase his annual base salary from $475,000 to $525,000, effective as of February 10, 2020; (ii) increase his target annual incentive opportunity for 2020 under the Company’s Annual Incentive Plan from $380,000 to $420,000, effective as of January 1, 2020; and (iii) increase his target incentive opportunity for 2020 under the Company’s Long-Term Incentive Compensation Plan (“LTIP”) from $600,000 to $800,000, effective as of January 1, 2020. Any awards under the LTIP will be paid in restricted stock units. Mr. Larkin also participates in the Granite Construction Key Management Deferred Compensation Plan II and the Executive Retention and Severance Plan and receives a vehicle allowance of $1,000 per month.
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Item 7.01. |
Regulation FD Disclosure |
In connection with the appointment of Mr. Larkin, the Company issued a press release furnished hereto as Exhibit 99.1.
The information in Item 7.01 of this Current Report on Form 8-K (including Exhibit 99.1 furnished herewith) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.
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Item 9.01. |
Financial Statements and Exhibits |
(d) Exhibits. The following exhibits are attached hereto and furnished herewith:
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Exhibit |
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Description |
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99.1 |
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104 |
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Cover Page Interactive Data File (formatted as Inline XBRL) |
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 hereunto duly authorized.
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GRANITE CONSTRUCTION INCORPORATED |
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/s/ M. Craig Hall |
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M. Craig Hall |
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Senior Vice President, General Counsel and Secretary |
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Date: February 13, 2020
Exhibit 99.1
Granite Names Kyle T. Larkin as Chief Operating Officer
Released: 02.10.20
WATSONVILLE, Calif.--(BUSINESS WIRE)-- Granite Construction Incorporated (NYSE:GVA) announced that effective today, Kyle T. Larkin has been appointed executive vice president and chief operating officer. Larkin will be responsible for overseeing the day-to-day operations of the company and will continue to be a member of the executive committee reporting directly to James H. Roberts, president and chief executive officer of Granite.
“Kyle is an outstanding leader with a proven track record who embodies the best at Granite. He is strategically-focused, has a deep understanding of our business, and equally important, Kyle is a team builder who develops and empowers his teams and fosters a collaborative work environment,” said Granite president and chief executive officer, James H. Roberts. “I am confident that Kyle will provide the leadership, vision, and management to optimize operations at Granite.”
Larkin joined Granite in 1996 as an estimator in the company’s Reno, Nevada operations and held successive positions of increasing responsibility including project engineer, project manager, chief estimator and manager of construction. From 2011 to 2013, Larkin served as president of Intermountain Slurry Seal, Inc., a wholly-owned subsidiary of Granite. In 2014 he was promoted to vice president and Nevada regional manager, and in 2017, Larkin was named senior vice president and California group manager. Most recently, in 2019, Larkin was named the senior vice president and manager of the Construction Materials Operations, which is comprised of the California Group, the Northwest Group, the Infrastructure Services Group, and all vertically-integrated materials facilities.
Larkin holds a B.S. in Construction Management from California Polytechnic State University, San Luis Obispo and an MBA from the University of Massachusetts, Amherst.
About Granite
Granite is America’s Infrastructure Company™. Incorporated since 1922, Granite (NYSE:GVA) is one of the largest diversified construction and construction materials companies in the United States as well as a full-suite provider in the transportation, water infrastructure and mineral exploration markets. Granite’s Code of Conduct and strong Core Values guide the Company and its employees to uphold the highest ethical standards. In addition to being one of the World’s Most Ethical Companies for ten consecutive years, Granite is an industry leader in safety and an award-winning firm in quality and sustainability. For more information, visit the Granite website, and connect with Granite on LinkedIn, Twitter, Facebook and Instagram.
Granite Contacts
Media
Erin Kuhlman 831-768-4111
Investors
Lisa Curtis 831-728-7532