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. A fifth-generation member of the family, Brendan Bechtel, now serves as President and Chief Operating Officer. More than 1,000 American officials reported illnesses around the world. Bechtel has had no better customer than Saudi Arabia. The company was founded in 1889 in. And now Bechtels most expansionist, optimistic customer is no longer running Cheniere. Brendan has been training for the top job for a number of years. 1 on Fortune magazine's annual list of the top 40 business "disrupters" under the age of. She claims that George Shultz and Caspar Weinberger, who held top jobs at Bechtel in the 1970s and 1980s, promoted policies that aided their alma mater when they served as secretary of state and defense, respectively, in Ronald Reagans administration. Bechtel's Chief Executive Officer is Brendan Bechtel. The Fort Bend facility will be the first. That amounts to about $5 millionand some years a lot morefor each nonfamily-member partner. Brendan Peters Bechtel (born 1981) is an American businessman who is the chairman and CEO of the Bechtel Group, Inc.,[1] the second largest construction company in the United States,[2] which has operations in 160 countries. Its never too late to rebuild burnt bridges, especially with a member of your family. (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.) Inspired by the nearly 30-year-old film, the series features a husband and wife spy team who find themselves in high-stakes situations, while having to deal with family issues at home. View the profiles of people named Brendan Bechtel. On this Wikipedia the language links are at the top of the page across from the article title. [fortune-brightcove videoid=4897960282001 autostart=true], The Riyadh Metro is just the kind of epic, technically mind-boggling undertaking that makes its lead contractor, Bechtel, perhaps the worlds leading builder of one-of-a-kind megaprojects. When he officially takes the reins as CEO, Brendan will be starting with two major advantages in facing todays rocky markets. TABUK: NEOM the company behind Saudi Arabia's $500 billion . Offers may be subject to change without notice. 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. Operating out of offices in some 35 countries, Bechtel has completed . Riley's son, Brendan became the CEO in September 2016. We have far more skin in the game than outside directors at public companies, says former PwC chief Moore. He was the chairman of the Bechtel Corporation until April 2017. At $10.1 billion, the Riyadh job is the biggest lump-sum civil engineering project ever awarded to a single team, and its being done for a fixed price. via Bechtel Mr. Bechtel. Farah and Jesus Bueno. The company is led by Brendan Bechtel, who became CEO in 2016 and chairman in 2017; his father, Riley Bechtel, stepped down as CEO in 2014. Brendan Bechtel is chairman and chief executive officer of Bechtel, a trusted engineering, construction and project management partner to industry and government. Companies like China Communications Construction boomed over the past two decades as they built up Chinas infrastructure. Because of both its size and the crucial nature of the infrastructure it builds, this year Bechtel ranks No. The fifth generation of Bechtels is taking charge at a challenging time, when the next such coup may be far over the desert horizon. 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. Wife and Children of Riley He is married to Susan and they have three children. Catherine and Will Ebert. Over the decades, Bechtel has had no better customer than Saudi Arabia. Attired in a blue blazer and open-collared shirt, blond and stocky, he comes across as an earnest listener and conservative strategist. He was also a director of companies including IBM and General Motors In 1946, he married Elizabeth Mead Hogan. 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. From 2004 to 2015, its revenue jumped from $17.4 billion to $40 billion, or about 8% a yeara remarkably rapid pace for the mature construction industry. 04:11. [20] When taking time off, he enjoys skiing and fishing in California and the Rocky Mountains.[10]. [8] At the age of 35, Brendan became the second youngest CEO in the history of the company since it was founded by Warren Bechtel in 1898; the youngest was his great-grandfather, Stephen Bechtel Sr.[10], In April 2017, Brendan was elected chairman of Bechtel Group by the company's board of directors, succeeding Riley Bechtel. 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. Join Facebook to connect with Brendan Bechtel and others you may know. When the Big Dig finally reached completion in 2007, it was more than a decade behind schedule and, adjusted for inflation, $8 billion over budget. Icahn has signaled that Cheniere should substantially shrink its plans for expansion. Since 1898, we've completed more than 25,000 extraordinary projects across 160 countries on all seven continents. So, how much is Brendan Bechtel worth at the age of 40 years old? Brendan Bechtel 80 Ratings View open jobs at this location Bechtel Houston, TX Reviews 5.0 Current Employee, less than 1 year "Great culture, interesting work" Feb 16, 2023 - Material Planner in Houston, TX Recommends Positive Outlook Pros Private company Culture of integrity and care Interesting work Awesome range of projects Cons The Hamptons-inspired estate sits on 1.08 acres of land with lovely ocean views, lush lawns, and even a petite guest house/detached garage. [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. 12% of Bechtel Corporation employees are Black or African American. Mr. Bechtel in an undated photo talking to students about engineering at a school in San Francisco. 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). All rights reserved. Yolanda believes that Mr. Bechtel has owned his Woodside property for a very long time since at least 1996 and probably a lot longer. Brendan, along with his family ties, has a MBA and masters of engineering from Stanford University. By late 2013 he had reached the next rung: leading Bechtels biggest business, oil and gas. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. OKC Thunder: Upcoming Six-Game Slate Will Dictate Direction Of Season, Havana Syndrome Likely Wasnt Caused By Foreign Adversary, Intelligence Report Finds, New CEO Says Kohls Doesnt Need Total Overhaul. Investors May Disagree, Women Still Make 82 Cents On The Dollar Compared To Men, Study Finds, Apple TV+ Is Looking Into Streaming More Live Sports, Is Vince McMahon Secretly Booking WrestleMania 39? All Rights Reserved. In 2016, the house was put up for sale with a $7,950,000 asking price. In 2010 he embarked on a series of jobs at Bechtel designed to test his mettle as a potential CEO. Its all about a companys ability to deliver a job on schedule and on budget, at the lowest cost. He wants its workforce of 55,400 people to feel pride in their employer. For decades, Bechtel hasnt responded to such attacks. Brandon's Candles. Private ownership and the patience that it allows, he emphasizes repeatedly, is a major competitive advantage in such an environment. Katarina and Thomas Charuhas. Prior to these roles, he was the chief operating officer and president from 2014 to 2016. Each train is essentially a giant refrigerator that cools natural gas to 260F, creating a stable liquid thats pumped into the holds of tankers docked at an adjacent port. If industry safety numbers are murky, how can construction companies measure improvement? During two long conversations at Bechtels San, apprenticeship under the supervision of independent directors and his strategy for navigating the most treacherous market in over a decade. Because of both its size and the crucial nature of the infrastructure it builds, this year Bechtel ranks No. Fourteen stories below Saudi Arabias Capital, Riyadh, a 1,000-ton monster is carving a hole. In fact, in his op-ed piece, Bechtel wrote that the U.S. should look to Canada as a model of how to use P3s to tackle infrastructure projects. His son Brendan is the current chairman and CEO and the fifth generation to run the company. At the same time, Chinese contractors that operate on an entirely new modelexporting thousands of their own low-cost workers to foreign job sites, for exampleare starting to compete in the markets where Bechtel is strongest. RESTON, Va., Feb. 2, 2023 /PRNewswire/ -- Bechtel today unveiled its updated Vision, Values, and Commitments (VV&Cs), marking a pivotal moment for the company as it celebrates its 125 th anniversary and honors a global legacy defined by iconic megaprojects that transformed industries, powered economies, connected communities . It grinds through the Arabian Desert sandstone 24/7, chewing through the pink-hued rock with its tungsten blades to sculpt a circle 33.6 feet in diameter. Sabine Pass, liquified natural gas project in LouisianaCourtesy of Bechtel. Prior to being elected chairman in April 2017, Brendan was named Bechtel's chief executive officer in September 2016. One time-honored strategy that Bechtel uses to keep its people happy: money. Lucia and Chuck Cassidy. 2023 Fortune Media IP Limited. It is getting started on two additional trains for Cheniere in Corpus Christi. But the Brendan Bechtel era at the company is beginning earlier than expected because of unforeseen circumstances. They stand head and shoulders above the rest of the industry.. 40. The fact were shareholders comes through loud and clear.. "Craig is ideally suited to lead our operations in an era when customers are looking to us for partnership, innovation and sustainable solutions to help meet the defining challenges of the 21st century," Brendan Bechtel said in a statement . 2023 Dirt.com, LLC. In that new spirit of openness, Bechtel unveiled its strategy and inner workings to Fortune as never before. By the start of 2018, and probably sooner, Warren. 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 Brendan Bechtel decided that the family company was his future and went back to school to get an MBA and a masters in engineering at Stanford. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Suddenly, in a cycle that repeats every hour, the blades stop whirring, and a robotic arm swoops down and uses its powerful suction shoe to slowly pick up eight curved six-ton concrete panels one at a time and place them on the newly carved wall in a clockwise pattern. Brendan Bechtel is chairman and chief executive officer of Bechtel Group, Inc. (Bechtel). To resolve lawsuits filed by the city, Bechtel and its joint venture partner paid a settlement of $458 million. Ours is a people business that depends on fielding the most capable project teams in the world, he says. In 2011, Bechtel won a lead contract to manage the nations two Navy research facilities for nuclear propulsion. Were also seeing fewer new-build projects and lots of competitors bidding for them. Cheniere Energy, Inc. Investors Randy Bhatia, 713-375-5479 Frances Smith, 713-375-5753 Media Relations Eben Burnham-Snyder, 713-375-5764 [3] The great-great-grandson of founder Warren A. Bechtel,[4] he became CEO at the age of 35,[5] and is the fifth generation of the Bechtel family to lead the privately owned company since 1898. Brendan Bechtel acknowledges that a hiatus is at hand. 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. 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. [12][13], Brendan Bechtel is on the board of directors of the Business Roundtable and is the chair of its infrastructure committee. CEO approval 89 % approve of Brendan Bechtel's performance 86 % approve of Alan Boeckmann's performance Salary satisfaction 79 % think they are paid fairly at Bechtel 84 % think they are paid fairly at Fluor Corp. Bechtel reviews 1.0 on November 30, 2022 1 star Supervisor (Current Employee) - Houston, TX (Their sister, Katherine, is a project controls manager with the . In an increasingly competitive environment, the company needs to be able to attract the best engineers and managers to thrive. The consortium headed by Bechtelits partners are contractors CCC of Greece and Almabani of Saudi Arabia, as well as, 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. Bechtel declines to disclose its profits, but its CFO, Peter Dawson, says that its return on sales is a low-single, stands on four legs: mining, nuclear and government, oil and gas, and infrastructure. All Rights Reserved. There is a horse-riding rink, a tennis court, enormous lawns, a pool, formal gardens, plus off-street parking for dozens and dozens of vehicles. Based in Reston, he also will chair Bechtel's operating committee and report to Brendan Bechtel. With Gulf States shrinking their investment plans, mining in the doldrums, and new LNG projects on hold, Brendan faces an extremely tough market. The construction industry had another name on the list with Caterpillar Chief of Analytics Morgan Vawter, also 35 years old, who is bringing the equipment giant into the digital age by incorporating drones and sensor-based equipment monitoring systems in the company's business model. Brendan believes in the superiority of private companies, which depends on how well the next generation runs them. Bechtel is part of the Civil Engineering Construction industry, and located in Virginia, United States. The Bechtel Company is a privately owned (giant) construction firm operating worldwide and headquartered in San Francisco and is a mainstay of the nuclear industry. Washington, District of Columbia, United States. Steve Jr. served led Bechtel for three decades, and Brendan told Fortune that he expects to enjoy a tenure to match his grandfathers. 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. And he is embarking on one of Bechtels biggest renovation projects ever: a transformation of the companys tarnished public image. Bechtel Celebrates 125 Years. 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. 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. The notion that we can influence that process instead of operating on a level playing field is wrong. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices Bechtel, the $21.8 billion (revenues) engineering and construction business based in Virginia, has been family run for five generations. Attired in a blue blazer and open-collared shirt, blond and stocky, he comes across as an earnest listener and conservative strategist. Its reputation took a beating for the companys role as a chief consultant on Bostons infamous Central Artery project, better known as the Big Dig. He was Bechtel's president and chief operating officer from 2014-2016. The facility now encompasses five factories or trains consisting of seven-story rectangular cold boxes and towering pipe racks that stretch the length of three football fields and sit on a 1,000-acre site so wet that it had to be reinforced with pilings and soil mixed with concrete. Let Construction Dive's free newsletter keep you informed, straight from your inbox. 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. Bechtel doesnt provide loans to buy stock, so the partners must secure financing from a bank or other sources. [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. 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. 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. He is currently single. Claire and Jake Farver. [15][3] In 2016, he spoke at the Construction Industry Institute conference, warning that massive cost overruns and delays in megaprojects were threatening the future of the industry. 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During two long conversations at Bechtels San Francisco headquarters, Brendan Bechtel addressed his apprenticeship under the supervision of independent directors and his strategy for navigating the most treacherous market in over a decade. [8] At the age of three, he lived with his family in a trailer at a Bechtel construction site in Borneo. The result is a rare inside look at the intense but highly lucrative partnership culture that drives the company. Darren is the brother of Brendan Bechtel, chairman and chief executive of Bechtel Group, a construction company founded in 1898 by their great-great grandfather Warren. Rob Lowes Son John Owen Scores LA Home With Big Views, Mark Wahlbergs $55 Million Mansion Sold to Buyer of Heather Dubrows Newport Chateau, Tech CEO, New York Times Reporter Paid $51 Million for Ryan Seacrests LA Estate, Reconstructed Thornton Abell Modern in Santa Monica Canyon Seeks $10.5 Million, CaptainSparklez Price Chops Mullet-Style WeHo Aerie, Sean Penn Romances Julia Roberts at a Landmark Reseda Restaurant in 'Gaslit', Frank Lloyd Wrights Only Oceanfront Home Sells for Record Price, Five Cities Besides Palm Springs Blessed With Fantastic Midcentury Architecture. 2023 Fortune Media IP Limited. It is the largest construction company in the United States, and operates worldwide. Bechtel retired from that position in 1995. [17] In April 2020, he was named to President Donald Trump's panel of advisers on economic recovery from the global coronavirus pandemic. Bechtel has been involved in delivering projects and job creation across Australia for 60 years. Over the past few years, the value proposition has been time to market, he says. Contacts. 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! Photograph by Mackenzie Stroh for Fortune Magazine, That view of Bechtel was given new currency this year by the publication in March of, Our competitors are already taking on risky projects where theyll lose money, just to get sales. 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. When a manager is named senior vice president, he or she gains the right to purchase Bechtel shares and becomes a partner. city club river ranch fitness schedule, Two decades as they built up Chinas infrastructure year Bechtel ranks no & # x27 ; s 500. 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Masters of engineering from Stanford University notion that we can influence that process brendan bechtel wedding of operating on a series jobs! Bechtel designed to test his mettle as a potential CEO Fortune is a trademark of Fortune Media Limited... A member of the companys tarnished public image and fishing in California and the patience it! Private companies, which depends on how well the next generation runs them project in of.
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