ON THE MOVE CHA ANNOUNCES PROMOTION OF JAMES STEPHENSON TO CEO OF CHA HOLDINGS, INC. CHA Consulting, Inc. , a highly diversified, full- service engineering consulting firm, announces the promotion of James Stephenson to CEO of CHA Holdings, Inc. and president of CHA Consulting, Inc. Stephenson will succeed Michael Carroll, P.E., who will transition to chairman of the board for CHA Holdings, Inc. Stephenson joined CHA in May 2019 as executive vice president and chief strategy officer bringing more than 20 years of broad strategy, financial, and corporate development experience. Prior to joining CHA, Stephenson was the chief strategy officer at a top 20 ENR ranked company, where he was responsible for structuring a five-year strategic growth plan focused on executing acquisitive growth and strategic investments that helped position the company as a leader in innovation and each of their operating sectors. “This is the right time for a leadership transition and Jim is the perfect leader and strategist to take CHA to the next level,” said Carroll.
“When Jim came on board earlier this year to oversee strategy and growth, we knew he was the right person to deliver exceptional value to our clients, effectively scale the business, and guide our staff to becoming the best firm in the industry.” “Mike is a true partner and has been instrumental in CHA’s transformation over the past five years,” said Jeff Quake and Mike Scardigli of First Reserve. “We look forward to working with Mike in his role as Chairman where he will continue to support the company in areas of strategy, organizational excellence and mergers and acquisitions.” “CHA is a great company with a rich history and exceptional staff, and I am honored to take over from Mike and build on his legacy. With support of a great financial partner in First Reserve, the company is in a unique position to accelerate growth and deliver value within our end markets. With three successful acquisitions this year and the largest backlog in our history, CHA is poised for continued growth and success,” said Stephenson. “I look forward to the opportunity to continue to work with the leadership team to propel CHA to be the most client-focused
and responsive engineering firm in the industry.” Quake and Scardigli said, “Stephenson is a perfect fit for CHA. He brings a wealth of relevant experience, strategic vision and proven leadership ability that will serve CHA well for many years to come. The company has made significant strides in organic growth, acquisition and talent initiatives and we have full confidence in Jim and the team to continue building on this momentum.” CHA Consulting, Inc. is a highly diversified, full-service engineering consulting firm which, along with its affiliates, provides a wide range of technology-enhanced planning and design services to public, private and institutional clients. CHA was ranked the 37th largest pure design firm in the United States in 2019 by Engineering News Record . With technical personnel and offices throughout the United States and Canada, CHA offers engineering, architectural, survey, project management, and other services necessary to complete projects on time and within budget.
MARK ZWEIG, from page 3
stuck in our homes, so now is when people can best afford to take these cuts. 6)Talk to your bank. Get the largest line of credit you can get. If you are worried about your ability to meet any covenants such as a clean up clause or debt to equity ratios, tell them now. If you are worried about your ability to repay any amortizing loans tell them so. Get any commitments you can get from them for leniency in the future now. 7)Look into SBA emergency loans. There is a $50 billion emergency loan program from the SBA for small businesses affected by the coronavirus. It is being administered differently based on where you are. Here locally in Fayetteville, Arkansas, our mayor’s office is involved. Figure out what is happening in your area and learn how you can get on the list to receive some of this money now before it’s all gone. 8)Talk with your competitors and peer firms. Establish a local group with the CEOs of other companies in this business to share information and ideas on how to respond to the current situation. It is critical we all share best practices and what our responses are to this problem if we are to come out of it with our businesses and capabilities intact. We will all suffer with the current situation. But whether or not our businesses survive is going to be up to our response to the problem as leaders. It won’t be easy, but this, too, shall eventually pass. When it finally does, I would bet the collective euphoria will be so great that the demand for what we do will be incredible. So hunker down and hang tight in the meantime. MARK ZWEIG is Zweig Group’s chairman and founder. Contact him at mzweig@zweiggroup.com.
2)Let everyone work from home who can possibly do so. They will feel better about their situations if they can work from home and help take care of their families, and not potentially expose themselves and their families to the virus. Don’t insist on people coming in when it is not absolutely essential for them to do so. 3)Talk to your clients. Find out what their plans are. Communicate your desire to work with them and help them, as well as let them know you are dependent on the work you get from them. Find out what their cash situations are, what their ability is, and if they will be to pay their bills from you so you can plan accordingly. “As I write this, the COVID-19 virus is making its way through the country probably more quickly than we realize. Businesses of all types are reeling, with many being closed completely right now.” 4)Cut all unnecessary overhead expenses. Now is a time for austerity so we can survive. Food in the kitchen. Lights that don’t need to be left on. Renewals on service contracts. Unnecessary software. I can’t imagine what all these expenses are in your firm, but whatever you can cut, dump it now. 5)Consider across-the-board pay cuts. But make a promise to pay back the cut the next month based on your cash profits IF you have any. I am not usually a fan of across-the-board cuts, but now is not a normal time. Having a job that pays you something is going to be better than no job. And let’s face it, all of our personal expenses are likely to go down if we are
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THE ZWEIG LETTER March 23, 2020, ISSUE 1337
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