PASADENA, Calif.--(BUSINESS WIRE)--The Board of Directors of Parsons Corporation announced today that James F. McNulty, Chairman and Chief Executive Officer, will relinquish his role as CEO effective May 20, 2008. The move is part of a planned succession, and McNulty, who turns 66 in April, will remain as Chairman. Charles L. Harrington, Executive Vice President, Chief Financial Officer, and Treasurer, was named by the Board to succeed McNulty as CEO.
In making the announcement, Admiral R.J. “Zap” Zlatoper, USN (ret), Chairman of the Nominating and Governance Committee of Parsons’ Board of Directors, said, “Parsons has experienced tremendous growth and performance under Jim’s exceptional leadership. Since 1996 when he became CEO, operating income has increased at a compound annual growth rate of 18% and, backlog has grown at a rate of 14% to more than $6 billion.”
Mr. McNulty joined Parsons as a project manager in the Washington, D.C., office in 1988 after retiring from a 24-year career in the Army as a Colonel. He held a succession of senior management positions, and in January 1996, he was named President of one of Parsons’ operating groups. In April of that same year, upon the untimely death of Parsons’ CEO, Len Pieroni, the Board of Directors named him CEO. In 1998, he assumed the additional role of Chairman of the Board of Directors.
Mr. Harrington, 49, joined Parsons in 1982 as an engineer and progressed through project management of large programs for federal government and private industrial clients to business development, operations, and division management. Prior to his appointment in 2006 to Executive Vice President, Chief Financial Officer, and Treasurer, he was the President of Parsons Commercial Technology Group (PARCOMM), a $900 million global business unit with 3,500 employees that he developed, nurtured, and grew.
“Under Chuck’s leadership, PARCOMM experienced significant growth and moved aggressively into new business lines,” states Jim McNulty. “As CFO, Chuck has been actively involved in the day-to-day management of the Corporation. Our Board and I have great confidence that Chuck’s experience and leadership abilities make him uniquely qualified to lead Parsons and to drive continued profitable growth,” McNulty adds.
Mr. Harrington holds a master’s degree in business administration, finance, and marketing from the University of California, Los Angeles, as well as a bachelor’s degree in engineering from California Polytechnic State University, San Luis Obispo. He is based in Parsons’ Pasadena, California, office.
Parsons Corporation employs more than 11,500 people worldwide and specializes in providing its clients with comprehensive solutions to complex technical and management challenges.
Parsons, celebrating more than 60 years of setting industry standards, is a leader in many diversified markets such as water, transportation, construction, education and public buildings, infrastructure, planning, commercial, industrial manufacturing, communications, environmental, healthcare, life sciences, critical facilities, nuclear and special materials, and homeland security. Parsons provides technical and management solutions to private industrial customers worldwide, as well as federal, regional, and local government agencies. For more about Parsons, please visit us at www.parsons.com.