HOLLYWOOD, FL—NV5 Global, Inc. (NASDAQ:NVEE), a provider of professional and technical engineering and consulting solutions with a market capitalization of $1.25 billion and impressive gross profit margins of 52%, announced a significant change in its leadership structure this week.
Alexander Hockman, who served as the company's Co-Chief Executive Officer (Co-CEO), has stepped down from his role effective immediately on Monday. According to InvestingPro data, the company maintains strong financial health with a current ratio of 2.05.
The company disclosed in a recent Securities and Exchange Commission filing that Hockman's resignation as Co-CEO took place on January 3, 2025. Following his departure, Hockman has transitioned to the role of CEO of Infrastructure within NV5, reporting to Ben Heraud. Heraud, who was sharing the Co-CEO title with Hockman, has now assumed the position of sole CEO as of Thursday, January 6, 2025. The leadership change comes as the company's stock trades near its 52-week low, though InvestingPro analysis suggests the stock is currently undervalued.
In his new capacity, Heraud is responsible for overseeing the operations of NV5. Meanwhile, Dickerson Wright will maintain his role as Executive Chairman, focusing on strategic organic growth and mergers and acquisitions.
The announcement comes as NV5 continues to position itself for strategic growth in the business services sector, with revenue growing at nearly 10% year-over-year. The company operates under the Services-Miscellaneous Business Services category, providing a wide range of services from infrastructure support to environmental solutions.
The changes in NV5's executive leadership are expected to streamline the company's management structure as it seeks to enhance its service offerings and expand its market presence. The company has not provided further details on the reasons behind Hockman's departure from the Co-CEO role or on any additional shifts in the management team.
In other recent news, NV5 Global has announced an ambitious target to achieve $1.6 billion in annual revenue by 2028. This goal has been set following the company's impressive performance, surpassing $1 billion in gross revenue as it entered 2025. The company plans to achieve this through the organic growth of its existing capabilities and strategic investments in tech-based solutions and high-growth sectors.
In addition to this, NV5 Global has recently undergone a restructuring of its leadership team. The company has appointed Ben Heraud as the Chief Executive Officer, with Alex Hockman and Kurt Allen reporting to him.
Another important development is the company's announcement of a plan to repurchase up to $20 million of its common stock. NV5 Global has also secured infrastructure design contracts valued at over $7 million from the City of Philadelphia and infrastructure consulting contracts totaling $60 million in Southern California and the Western United States.
Furthermore, NV5 Global has expanded its service offerings through the acquisition of Global Fire Protection Group and Southport Engineering Associates. These acquisitions are expected to contribute to the company's earnings.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.