Tutor Perini Corp. on Friday announced the upcoming retirement of Chief Financial Officer Michael J. Kershaw. He will be replaced by Gary G. Smalley, a long-time executive of Fluor Corp., a Texas-based engineering and construction firm.
Kershaw has worked at the Sylmar construction company since September 2011 and will remain employed there to assist in the transition.
His successor is expected to come on board Sept. 1 as principal financial officer. Smalley has been senior vice president and controller at Fluor since March 2008 and has concurrently served as group chief financial officer for one of Fluor’s business segments since last October. He joined Fluor in 1991 and served in a variety of financial management positions, including as vice president of internal audit from September 2002 to March 2008.
“We are pleased to welcome Gary to our executive management team and look forward to working with him to continue driving the company’s growth,” Ronald Tutor, chairman and chief executive officer of Tutor Perini, said in a statement.
Shares closed down 29 cents or 1.4 percent to $19.91 on the New York Stock Exchange.
Bank of Santa Clarita reported its best performance ever in the first half of this year, with total net income of $658,000, up 18 percent from the $556,000 reported for the first two quarters of last year.
The Valencia bank reported a 5 percent increase in loans, to $173 million for the first half of this year, while non-accruals were 0.15 percent of total loans.
The bank’s deposits grew as well, from $179.9 million at the end of last year to $183.6 million as of June 30. Total assets were reported at $270 million, an increase of 3.5 percent from the end of last year.
Shares of the thinly traded stock closed up 2 cents or a fraction of a percent to $9.40 on the over-the-counter market.