NORWALK, CONN. — EMCOR Group Inc. announced that its chairman and chief executive officer, Frank T. MacInnis, 63, will retire as chief executive officer effective January 3, 2011, after 16 years. It is expected that Mr. MacInnis will continue to serve as non-executive chairman of EMCOR’s Board of Directors.
Anthony J. Guzzi, age 46, current EMCOR president and chief operating officer, will succeed MacInnis as chief executive officer. Guzzi was elected to the Board of Directors in December 2009, will remain a director of the company, and will retain the title of president. As part of the company’s succession planning process, Guzzi was identified as a potential successor to MacInnis when he joined the company in 2004 as president and chief operating officer.
Stephen W. Bershad, chair of the board’s compensation and personnel committee, stated, “Frank MacInnis has done an outstanding job as EMCOR’s chairman and CEO, leading the company into a period of significant expansion and prosperity for which we are deeply indebted to him. Under Frank’s 16-year leadership, EMCOR has grown from a group of specialty contracting subsidiary companies with revenues in 1994 of $1.8 billion and shareholders equity of $81.1 million, to a Fortune 500 company, a global leader in mechanical and electrical construction, energy infrastructure and facilities services, with 2009 revenues of over $5.5 billion, net income of $161 million and current market capitalization of approximately $1.6 billion. During Frank’s stewardship EMCOR has been recognized by business publications as among the ‘World’s Most Admired’ and ‘Best Managed Companies.’ Perhaps most importantly, Frank has built a management team capable of leading the company into the future.”
Bershad continued, “Today’s announcement ensures continued strong leadership for EMCOR. Tony Guzzi is a proven leader in the industry, ideally suited to succeed Frank as chief executive officer and to guide EMCOR’s growth in the years to come. Tony has played a key leadership role in the company’s transformation over the past five years. He has been instrumental in driving the company’s successful effort to diversify its revenue and profit base, and to enable it to prosper across economic cycles, as evidenced by the company’s excellent performance in the recent recession. He has also played a critical role in leading EMCOR’s disciplined approach to project bidding, program management and cost controls, all of which have enabled the company to weather the recent downturn in the market and be positioned to take advantage of the eventual rebound.”
MacInnis commented, “EMCOR Group is a rare example of a company that emerges from reorganization and attains a leading position in its industry. I am pleased that I was chosen to lead the reconstruction of our company; proud of our success in doing so; and grateful for the opportunity to continue my work as chairman of EMCOR. With growing evidence of improved economic conditions, I am glad to be able to leave the industry’s strongest balance sheet and the world’s largest and best-performing company of its kind in Tony Guzzi’s capable hands, and I look forward to working closely with him to ensure a smooth transition.”
“I’ve learned a great deal from working closely with Frank for nearly six years, and I’m honored and very excited to take on this opportunity to lead EMCOR,” Guzzi said. “EMCOR continues to benefit from our broad and diverse market exposure, as the initiatives we have undertaken have positioned us to capitalize on opportunities across our end markets. I look forward to leading the company in the coming years and continuing our strategy for growth and success.”
Prior to joining EMCOR Group, Mr. Guzzi held a variety of senior leadership positions at United Technologies Corp. and its subsidiary Carrier Corp. from 1997 to October 2004. Prior to joining United Technologies, Guzzi was an engagement manager at McKinsey & Co. from 1993 to 1996.
From 1986 to 1991, he served in the U.S. Army as a Light Infantry Captain and is Ranger qualified. Guzzi received a B.S. in civil engineering and economics from the United States Military Academy at West Point in 1986. He received an M.B.A. from Harvard Business School in 1993.