Dycom Industries, Inc. (NYSE: DY) announced that after 25 years of service as Chief Executive Officer, Steven E. Nielsen will retire on November 30, 2024. “In preparation for his retirement,” according to this morning’s news release, “Nielsen worked closely with the Board of Directors on a comprehensive multi-year succession plan. As a result of that process, Daniel S. Peyovich, the Company’s Executive Vice President and Chief Operating Officer, has been appointed the Company’s next CEO, effective upon Nielsen’s retirement.”
Nielsen remains CEO and Chair of the Board until his retirement, at which point he will step down as a director. Mr. Peyovich has also been appointed President of the Company, effective today, and he is expected to join the Board on November 30, 2024. Additionally, the Board has voted to designate Richard K. Sykes, Dycom’s current Lead Independent Director, as the Company’s next Chairman, with the appointment effective following Nielsen’s retirement.
During Peyovich’s tenure, he has been instrumental in improving the Company’s operations, deepening customer relationships, enhancing workplace safety, and delivering strong program management and oversight.
All of this has been accomplished as revenue has grown by over $1.0 billion from $3.1 billion for fiscal year 2021 to $4.2 billion for fiscal year 2024, with Adjusted EBITDA growing 62% from $311 million to $505 million.
DY shares swooned $6.05, or 3.4%, to $170.40.
