ST. LOUIS — After a deliberate, multi-year succession process, McCarthy Holdings, Inc., one of America’s premier building companies, announced today the selection of Raymond J. Sedey, 42, as the firm’s next chief executive officer. On Jan. 1, 2020, Sedey will assume this position, currently held by Michael D. Bolen, who will continue in the role as chairman of the McCarthy board of directors.
Founded as a family-owned business in 1864, McCarthy transitioned to 100 percent employee ownership in 2002, becoming one of the nation’s largest Employee Stock Ownership Plan (ESOP) companies. Serving communities across the country, McCarthy is currently the nation’s 12th largest domestic general contractor (Engineering News-Record, May 2019) with 2018 revenues exceeding $3.9 billion. Sedey will be the second non-family member to hold the McCarthy CEO position since the firm became employee-owned and just its third CEO in the last 50 years.
“McCarthy stands on a strong, solid foundation poised for continued growth and success,” explained Bolen. “Today’s announcement concludes a comprehensive, deliberate and thoughtful evaluation and selection process. Ray Sedey is an experienced leader grown from within McCarthy. He brings a deep understanding of our company strategy and unique ownership culture, together with a strong commitment to delivering an exceptional experience for clients. I am pleased to have Ray succeed me in the CEO position.”
“It is a true honor to be selected as Mike’s successor,” commented Sedey. “I look forward to working with all our employee-owners, trade partners and clients in the years to come as we continue to positively impact the communities we serve.”
Sedey began with McCarthy in 2000 as a project engineer in the firm’s Southwest Region. He then moved through several core operations roles including the superintendent, project manager, and director, before being promoted to vice president, operations for the Las Vegas office in 2009. In 2012, Sedey was promoted to executive vice president responsible for leading business operations in Nevada, New Mexico, and Colorado. In this role, he was instrumental in helping position McCarthy as a builder of choice in infrastructure, aviation, commercial, healthcare and entertainment projects, including successfully positioning the firm as a builder of choice for complex projects on the Las Vegas Strip.
In 2015, Sedey was selected to lead the McCarthy Texas Region as regional president. Under his leadership, McCarthy strengthened its position across the state of Texas with a focus on client results, safety, financial performance and talent management. In 2018, Sedey then led efforts to combine operations of the McCarthy Southeast Division and Texas Region to form a new Southern Region and assumed the position as Southern regional president.
Throughout his career, Sedey has taken on new challenges, positively impacting client relationships and business results, and creating strategies to drive change and position McCarthy for long-term success. Passionate about the workforce of the future, he serves as the executive sponsor for the firm’s national craft initiative, ensuring that McCarthy builds the foundation to attract, hire, develop and engage the next generation of craft professionals. He is also an active instructor and mentor in McCarthy’s leadership development program and advocates for diversity in the industry, with a focus on encouraging and supporting women in construction careers.
In addition to Sedey’s experience with McCarthy, he is actively involved in a variety of professional and community organizations including the Dallas Regional Chamber, TEXO, American Heart Association, Make-A-Wish Foundation, Montana State University College of Engineering advisory board and more. Sedey has repeatedly been recognized for these efforts including an Engineering News-Record Southwest 20 Under 40 Award, among others.
Sedey is expected to maintain an office in Dallas as well as in the McCarthy Corporate Headquarters in St. Louis.
Bolen continued, “As an employee-owned company, the evolution of company leadership at all levels is a continuous and ongoing process. Over the past two decades, we have developed and implemented a best-in-class leadership development program to build and support outstanding leaders across our business. With Ray Sedey at the helm, the opportunities in front of McCarthy are incredibly bright.”