Fortune Brainstorm E The second is the broad array of businesses that cushions Bechtel against big drops in one or two sectors, such as the recent declines in mining and oil. He was also a director of companies including IBM and General Motors In 1946, he married Elizabeth Mead Hogan. The average employee at Bechtel Corporation makes $77,276 per year. manager. He received a law degree from Stanford University. Brendan Peters Bechtel (born 1981) is an American businessman who is the chairman and CEO of the Bechtel Group, Inc., [1] an American privately-owned engineering, construction, and project management firm. So while Bechtel will keep booking big LNG revenues for a couple of years, its unlikely to secure any more gigantic new contracts. Bechtel designed the military space shuttle facility at Vandenburg Air Force Base. In 2016, the house was put up for sale with a $7,950,000 asking price. The construction giant built the Trans-Arabian Pipeline for the Saudis in the 1940s, and it has been supervising additions to the giant petrochemical complex of Jubail since 1976. Hence, Riley was slated to remain in the top job until the end of 2017, while the board moved Brendan through a series of increasingly demanding jobs as part of a long apprenticeship. [10], Before taking over as CEO, Brendan was featured in Fortune magazine, as part of an effort to rebuild the company's image and recruit talent. The senior outside directors are partners alongside the Bechtels and act like owners. Kohl's CEO Tom Kingsbury says Kohl's has a solid foundation, But the latest earnings results show he has a lot of work to do. A fifth-generation member of the family, Brendan Bechtel, now serves as President and Chief Operating Officer. In late 2013 his father, Riley Bechtel, who had served for 24 years as CEO, retired four years early at 61 after being diagnosed with Parkinsons disease. He wants its workforce of 55,400 people to feel pride in their employer. He was the chairman of the Bechtel Corporation until April 2017. But after weeks of research and numerous rabbit trails, Yolanda is about 99.9% positive that E V Marvista is a front for one of the Bay Areas wealthiest humans: a manufacturing heir named Riley Bechtel. Theranos Inc. said Riley Bechtel, chairman of the construction giant Bechtel Corp., had retired as a director of the embattled blood testing startup. Thats nearly $30 million in cash for three non-contiguous properties. Inflation, a potential recession, supply chain struggles and sky-high labor demands are pushing up against optimism from infrastructure spending, growth in specific sectors and tech advancement. Bechtel is also the quintessential family business: It has been led, with a brief exception, by a succession of four family CEOs since cattle farmer Warren Bechtel founded the firm in 1898 to help build railroad lines. Meanwhile, Bechtel is doing a brisk business in the U.S. building the gas-fired power plants that are rapidly replacing costly coal-burning dinosaurs. Regan Detweiler and Brandon Bechtel's Wedding Website - The Knot Regan & Brandon Home This is us. Brendan Bechtel of engineering firm Bechtel, who saved nearly $24 million in 2018 via the pass-through deduction, hired multiple lobbying firms and personally met with Trump administration. What will be the biggest energy projects of the next decade be? Companies like, Desert subway project, Riyadh, Saudi Arabia, Sabine Pass, liquified natural gas project in Louisiana. When the first train is ready to glide down the rails, its likely that Riley and Brendan Bechtel will join Saudi royalty at the opening ceremonies. Brendan Bechtel is an American businessman who is the chairman and CEO of the Bechtel Group, Inc., an American privately-owned engineering, construction, and project management firm. In conversations with Fortunethe first major interviews any Bechtel top executive has granted in over three decadesBrendan Bechtel argued that his company will fare far better in this tough market than its rivals, largely because of what he sees as its big advantages as a private, family-led enterprise. The 1.7-acre lot includes at least two traditional-ish structures, both of which have views of the Pacific. Infrastructure, and its state of disrepair in America, is among the business areas targeted by the younger Bechtel. Prior to these roles, he was the chief operating officer and president from 2014 to 2016. At 35, he is facing challenges that would test the most seasoned veteran. Bechtel has long been a magnet for controversy. The conglomerate, which . Customers wanted to get their projects finished quickly to benefit from high energy prices. 04:11. Center for Strategic and International Studies, "Brendan Bechtel, Chief Executive Officer", "Meet the private company that is changing the face of the world: A rare inside look at family-controlled global construction giant Bechtel", "One of the Largest Private Companies in the U.S. Just Named a 35-Year-old CEO", "Brendan becomes fifth generation Bechtel to take company chair", "Bechtel brings it meet the new private company goliath in town", "Bechtel to move to Reston after more than a century in San Francisco, bringing 150 jobs", "This Firm Beat Bechtel as No. 40. Darren Bechtel, Samantha Duvall, Lyn Bechtel and Brendan Bechtel attend ENCORE! Two dynasties, in business together for more than 70 years, will exchange congratulations on their latest triumph. To give you an idea of the size: the firm generates more than $32 billion in revenue each and ever year and employs 53,000 people. This modern Mneefah, however, grinds along rather than gallops. The Riyadh Metro project was supposed to provide a template for a new generation of transit infrastructure across the Middle East, and potentially many billions of dollars in future business for Bechtel. (Bechtel discloses its annual sales and bookings but not other financials.) Brendan Bechtel is chairman and chief executive officer of Bechtel Group, Inc. (Bechtel). Sabine Pass, liquified natural gas project in LouisianaCourtesy of Bechtel. The companys largest single business today is building plants that chill natural gas into a dense liquid thats then loaded on tankers for China, Japan, and Spain. In a decent year, it would pay around $400 million in dividends to its shareholders. In 2015, Mr. Bechtel apparently decided 4.54 acres was not nearly enough space. The board followed its succession plan by. For 18 months, Bechtelwho arrived a month after his wedding and lived part-time in a sprawling workers campkept the gigantic project on time and on budget. It is the largest construction company in the United States, and operates worldwide. Here is a look at what to expect this year: Subscribe to Construction Dive for top news, trends & analysis, The free newsletter covering the top industry headlines, GOAALLL! Hence, hes investing in developing a new generation of relatively small reactors that, if successful, will be far more economical than the mega-plants of the past, that require multiple billions in investments, and many years to win approval. Well be conservative and estimate that in a decent year Bechtel earns 2% on its sales of $40 billion, or $800 million after tax (but before bonuses to nonshareholders). When a manager is named senior vice president, he or she gains the right to purchase Bechtel shares and becomes a partner. Facebook gives people the power. So says Brendan Bechtel, the company's second-youngest CEO since it was founded during the Spanish-American War in 1898.The move, he said, helps the $25.9 billion business in its hunt for talent . The ultra-private wee estate is set far back down a private driveway and located just a few doors away from the Oprah Winfreys 60+ acre Promised Land estate. P3s often see the private sector step up and provide financing for the construction of public buildings and new infrastructure, relieving pressure on governmental entities and allowing them to spread their limited funds among a larger number of projects. Mr. Bechtel, 30, is a vice president in the investment banking division of Deutsche Morgan Grenfell in New York. [4] According to company rules, as a Bechtel family member, he was not allowed to join Bechtel until he had worked somewhere else full-time for at least two years after college. Bechtel's chairman and CEO, Brendan Bechtel, was among roughly 200 corporate leaders who signed a highly touted 19 August statement from the Business Roundtable on corporate social. Bechtel has built landmarks from the Hoover Dam to the Channel Tunnel to a post-meltdown confinement shelter for the Chernobyl nuclear power plant. The real owners identity is locked up real tight behind the LLC, which links back to a prestigious San Francisco law firm known for representing high net worth individuals and families, naturally. Prior to being elected chairman in April 2017, Brendan was named Bechtel's chief executive officer in September 2016. In the press release, he expressed pride at recently honoring the 75th anniversary of his grandfather, Steve Bechtel Jr.s, service to the family company. Hence, hes investing in developing a new generation of relatively small reactors that, if successful, will be far more economical than the mega-plants of the past, that require multiple billions in investments, and many years to win approval. Tuesday, May 17th, 2016 FORTUNE may receive compensation for some links to products and services on this website. The totally off-market transaction means that Yolanda does not have professional pics of the estate, but we do know that the bi-winged mansion sits on a fully landscaped 4.54-acre lot that lies on a private drive immediately adjacent to the ultra-swanky San Ysidro hotel & resort. It awards extremely generous bonuses that can reach 50% of salary for mid-level employees. Like many other major private companies, Bechtels leaders feels they can no longer afford to hide behind its closely held status and let others control the narrative about its business. Steve Jr. just turned 91, and remains an active and outspoken board member. Notable projects in Western Australia include the Pluto Train 2 gas pipeline and the Wheatstone natural gas hub. Post navigation The board followed its succession plan by naming Dudley, then president, to replace Riley Bechtel, who remains chairman. Their next six games are against Western Conference teams they'll be battling with for a postseason spot. Brendan Bechtel Chairman and CEO at Bechtel Corporation Reston, Virginia, United States 41K followers 26 connections Join to follow Bechtel Corporation Stanford University Company Website. A graduate of Middlebury College in Vermont, Bechtel also earned an MBA and a master's degree in construction engineering and management from Stanford University. Get 5 free searches. CEO: Brendan Bechtel (possible) email: bbechtel@bechtel.com. It had been expected that Riley Bechtel would serve as CEO until the end of 2017, the year of his 65th birthday, and that Brendan Bechtel would keep running individual businesses for two or three years before becoming president around 2016. Born: Brendan Peters Bechtel 1981 (age 40-41) Occupation: Chairman and CEO News Discussing Craft Professionals at The White House Bechtel - Fri, 17 Jun 2022 New Manufacturing and Technology Business Bechtel - Tue, 12 Apr 2022 Bechtel Focuses on Partnerships & Sustainability Bechtel - Tue, 24 May 2022 As a private company, he notes, Bechtel doesnt need to grow, It can pick and choose projects with reasonable margins, even if that means allowing revenues to shrink until the next upswing in energy prices. Alex Murdaugh, a former South Carolina attorney accused of murdering his wife and son, is set to make his closing argument in a murder trial Wednesday afternoon. [19], Brendan Bechtel married one month before leaving for Australia to work on the Queensland Curtis LNG project in early 2012. More than 1,000 American officials reported illnesses around the world. Those businesses run the gamut from tepid to fast growing. (His brother, Darren Bechtel, is a venture capitalist in San Francisco, and his sister, Katherine Bechtel, works as a cost and schedule planner for Bechtel.) Company Description: Global engineering, construction, and project management firm Bechtel Group serves sectors including oil, gas and chemical, infrastructure, metals, nuclear, environmental, mining, and security. Terms & Conditions. All Rights Reserved. That doesnt mean that Bechtel is backing away from energy. 2023 Dirt.com, LLC. Dec 2004 - Jun 20061 year 7 months. Bechtel and Sabanci Renewables Inc. partner to grow U.S. solar market Cutlass Solar Two to save 600,000 metric tons of CO2 emissions per year FORT BEND, Texas, Dec. 8, 2022 /PRNewswire/ -- Bechtel has been selected to build a 272 MWdc solar facility for Sabanci Renewables, Inc. in Fort Bend County, Texas. By late 2013 he had reached the next rung: leading Bechtels biggest business, oil and gas. When a manager is named senior vice president, he or she gains the right to purchase Bechtel shares and becomes a partner. Thats no small claim. Its hardly a surprise that a Bechtel family member is moving back into the chief executive job. In 2011, the same entity paid $16,000,000 for another Montecito mansion, and then in 2015 it bought a third for $6,845,000. [3], In 2003, he graduated from Middlebury College with a degree in geography and then worked for the nonprofit Conservation Fund. Brendan Bechtel is the Bechtel Group CEO and chairman. It recently completed the Hamad International Airport in Qatar, which is built to eventually handle more than 50 million passengers a year (matching the traffic at New Yorks J.F.K.). BRENDAN BECHTEL, CHAIRMAN & CEO OF BECHTEL, ON THE URGENCY OF MODERNIZING AMERICA'S INFRASTRUCTURE. Were also seeing fewer new-build projects and lots of competitors bidding for them. The gender pay gap has not changed meaningfully since 2002. (Their sister, Katherine, is a project controls manager with the . Brendan, along with his family ties, has a MBA and masters of engineering from Stanford University. Now a new generation is poised to take chargeat an absolutely pivotal moment, when the global construction industry is undergoing sudden, wrenching change. He states that nuclear is the only clean solution capable of filling the void as the world moves away from fossil fuels. From the Hoover Dam to the massive Ivanpah solar facility in the Mojave Desert, global construction giant Bechtel has built some of the largest energy infrastructure projects in history. Brendan Bechtel is chairman and chief executive officer of Bechtel Group, Inc. (Bechtel). His career path was orchestrated by the boards senior management and development committee, or Smecdec. Its five members include Riley Bechtel and his father, 91-year-old Steve Bechtel Jr., as well as a group of heavyweight outside directors: David OReilly, a former CEO of, Bechtels biggest business, oil and gas. [8] He currently lives in the Washington, D.C. area with his wife, "a third-generation Washingtonian", and their children,[10] and was inducted into the exclusive Alfalfa Club as a new "sprout" in 2017. FORTUNE may receive compensation for some links to products and services on this website. Bechtel has been building the Hanford plant for the disposal of nuclear waste since 2000, for example, and the first phase isnt scheduled for completion until 2022. Bechtel may be more diversified than ever, but theres no getting around the fact that wild swings in energy prices and the industrys changing dynamics are a major challenge for the global builderparticularly when it comes to natural gas. [8] It was the first time in 30 years that senior executives at Bechtel Group had agreed to in-depth media interviews. All Rights Reserved. We dont want people in mining to suffer because of a big downturn and folks in oil and gas to make more because the market is great, he says. [10], In 2003, he graduated from Middlebury College with a degree in geography. Our services span from initial planning and investment, through start-up. He became CEO in 2016 and chairman & CEO in 2017. Get the free daily newsletter read by industry experts. In January, activist Carl Icahn forced Soukis departure. Despite (or maybe because of) their vast net worth they are one of Americas wealthiest families, after all the Bechtels remain steadfastly discreet and shun publicity like the average person shuns public speaking. The company traces its beginning to 1898 when Brendan's great-great grandfather, Warren Bechtel, began constructing railroads in the Oklahoma Territory with a team of mules. But the Brendan Bechtel era at the company is beginning earlier than expected because of unforeseen circumstances. The parade of projects has made Bechtel one of the half-dozen largest privately held companies in the U.S., with $40 billion in 2015 revenue, outranking the likes of chocolate giant Mars and grocery chain Publix. Attired in a blue blazer and open-collared shirt, blond and stocky, he comes across as an earnest listener and conservative strategist. [14], More recently, he joined the board of two regional business groups, including the Federal City Council and The Economic Club of Washington, D.C.[10], A strong supporter of nuclear energy, Brendan Bechtel has stated that he believes it is the only long term alternative to fossil fuels. 1 on ENR's Top 400 Contractors List", "Bechtel's Latest Revenue Decline Is Part of Familiar Up-and-Down Pattern", "Steward expanded family's firm to tackle monumental engineering projects", "Emergency, emergency, this is America's infrastructure calling", "Haunted by Grim Statistics on Megaprojects", "Secret IRS Files Reveal How Much the Ultrawealthy Gained by Shaping Trump's "Big, Beautiful Tax Cut", "Who's on Trump's panel of advisers on reopening economy", "What Business Thinks of Biden's Plans on Infrastructure, Taxes; Proposals to boost infrastructure spending welcomed, but companies wary of higher taxes and new regulations", "A political truce is called at the 104th annual Alfalfa Club dinner", Brendan Bechtel, Chairman and CEO, Bechtel, https://en.wikipedia.org/w/index.php?title=Brendan_Bechtel&oldid=1120684975, Stanford Graduate School of Business alumni, Stanford University School of Engineering alumni, All Wikipedia articles written in American English, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 8 November 2022, at 07:51. 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