The family has a resident at Menlo Park in California. After stumbling in the early 2000s by diversifying into tech investments and owning power plants, Bechtel refocused its traditional pillars: oil and gas, government projects, mining and minerals, and giant infrastructure jobs, such as the more than $10 billion Riyadh Metro, and the Crossrail suburban mass transit system in London. Companies like China Communications Construction boomed over the past two decades as they built up Chinas infrastructure. [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. Now growth has stalled, and Bechtels revenues are essentially stuck at 2013 levels; in 2014, the last year it reported new bookings, it added just $18.4 billion in fresh contracts, short of the $27 billion average since 2004. Lets assume Bechtel adds 20% of its profits each year to its capital and earmarks an additional 30% to pay bonuses and invest in special projects. Some time ago our scholarly friend Barbara Bane from Santa Barbara wrote in and asked if Yolanda would look into a mysterious entity something called E V Marvista LLC that was going around Montecito and dropping enormous sums of money on some very substantial homes. With Gulf States shrinking their investment plans, mining in the doldrums, and new LNG projects on hold, Brendan faces an extremely tough market. Brendan Bechtel is chairman and chief executive officer of Bechtel Group, Inc. (Bechtel). Topics covered: commercial, infrastructure, design, green, regulation, multifamily construction, and more. Get the free daily newsletter read by industry experts. He became CEO in 2016 and chairman & CEO in 2017. Beth and Michael Clifton. Bechtel is one of the world's most respected global engineering, construction, and project management organizations. Prior to these roles, he was the chief operating officer and president from 2014 to 2016. Father of Riley Stephen Bechtel Jr. was born as Stephen Davison Bechtel Jr. on 10th May 1925 in Oakland, California. A rare inside look at family-controlled global construction giant Bechtel. [1] He has served as a trustee of the National Geographical Society and the Center for Strategic and International Studies for several years. Even with those strengths, the companys continued success is far from assured. Alex Murdaugh, a former South Carolina attorney accused of murdering his wife and son, is set to make his closing argument in a murder trial Wednesday afternoon. Tuesday, May 17th, 2016 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 The family-owned shares, for example, carry no special voting rights. In 2013 he sought to rebuild Cheniere by transforming Sabine Pass into an export facility that could supply utilities in Europe. Most of the rules apply uniformly to the Bechtels and their partners. Bechtel is booking $4 billion a year in revenues from a relatively new venture: helping the U.S. government run departments more efficiently. Terms & Conditions. Down in the tunnel, meanwhile, the Mneefah con, CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. wards. Mr. Bechtels compound sits on nearly 13 acres of land and encompasses at least eight separate structures. [19][17] Speaking on behalf of the Business Roundtable, he said that he and other business leaders were in discussions with the Biden administration and with members of Congress, advocating alternative ways to pay for new infrastructure, including user fees, deficit financing, and public-private partnerships. 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. At 35, he is facing challenges that would test the most seasoned veteran. Infrastructure, and its state of disrepair in America, is among the business areas targeted by the younger Bechtel. [4] According to company rules, as a Bechtel family member, he was not allowed to join Bechtel until he had worked somewhere else full-time for at least two years after college. After a lot of sleepless nights, however, Yolanda realized that Mr. Bechtels main abode is not located in SF rather, he lives in the tony (and tiny) town of Woodside, CA. Brendan Peters Bechtel (born 1981) is an American businessman who is the chairman and CEO of the Bechtel Group, Inc., [1] an American privately-owned engineering, construction, and project management firm. The consortium headed by Bechtelits partners are contractors CCC of Greece and Almabani of Saudi Arabia, as well as Siemens of Germany, which is supplying the trainsis shouldering all the financial risk. Brendan Bechtel interviews U.S. Secretary of Transportation Pete Buttigieg May 10, 2021 By: Brian Hertzog By recently introducing a $2 trillion infrastructure bill, the Biden administration is putting the spotlight on a critical challenge facing the country: Old infrastructure is costing the U.S. billions and eroding our ability to compete. s great-great-grandson Brendan Bechtel is expected to ascend from president to CEO. From the Hoover Dam to the massive Ivanpah solar facility in the Mojave Desert, global construction giant Bechtel has built some of the largest energy infrastructure projects in history. 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. Its all about a companys ability to deliver a job on schedule and on budget, at the lowest cost. 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. A full career at Bechtel can bring rich rewards. Bechtel doesnt provide loans to buy stock, so the partners must secure financing from a bank or other sources. Fourteen stories below Saudi Arabias Capital, Riyadh, a 1,000-ton monster is carving a hole. The profits-based part of those bonuses wax and wane not on the performance of the executives division but of the overall companys. 1 on ENR's Top 400 Contractors List", "Bechtel's Latest Revenue Decline Is Part of Familiar Up-and-Down Pattern", "Steward expanded family's firm to tackle monumental engineering projects", "Emergency, emergency, this is America's infrastructure calling", "Haunted by Grim Statistics on Megaprojects", "Secret IRS Files Reveal How Much the Ultrawealthy Gained by Shaping Trump's "Big, Beautiful Tax Cut", "Who's on Trump's panel of advisers on reopening economy", "What Business Thinks of Biden's Plans on Infrastructure, Taxes; Proposals to boost infrastructure spending welcomed, but companies wary of higher taxes and new regulations", "A political truce is called at the 104th annual Alfalfa Club dinner", Brendan Bechtel, Chairman and CEO, Bechtel, https://en.wikipedia.org/w/index.php?title=Brendan_Bechtel&oldid=1120684975, Stanford Graduate School of Business alumni, Stanford University School of Engineering alumni, All Wikipedia articles written in American English, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 8 November 2022, at 07:51. 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. Again he turned to Bechtel. When the first train is ready to glide down the rails, its likely that Riley and Brendan Bechtel will join Saudi royalty at the opening ceremonies. This evening the Governor and Mrs Dawson attended a reception to mark the 125-year anniversary of Bechtel. And its LNG contracts account for more than half the revenue of its biggest division: oil and gas. Get 5 free searches. P3s often see the private sector step up and provide financing for the construction of public buildings and new infrastructure, relieving pressure on governmental entities and allowing them to spread their limited funds among a larger number of projects. The company was founded in 1889 in. 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. He paid $6,845,000 for a smaller compound (photos above) that is located just north of his main residence. Instead, because of Rileys illness, Dudley became the first non-family CEO in Bechtels 118-year history, Riley remained as chairman, and the board had to accelerate and shorten Brendans training program, dispatching him to lead a gigantic LNG project in Australia, head the oil and gas business, then ascend to COO and president in 2014, all in rapid succession. Brendan Bechtel, who holds an MBA and a master's degree in engineering from Stanford University, previously ran the company's oil and gas division. Bechtel's projects create jobs, grow economies, improve the . In an increasingly competitive environment, the company needs to be able to attract the best engineers and managers to thrive. Unlike them, we wont lose dumb. His company, he asserts, will stay patient and plan long term. Early life [ edit] He is the great-grandson of Warren A. Bechtel, the company's founder. A version of this article appears in the June 1, 2016 issue of Fortune with the headline The Master of Megaprojects.. Brendan Bechtel married one month before leaving for Australia to work on the Queensland Curtis LNG project in early 2012. That view of Bechtel was given new currency this year by the publication in March of The Profiteers, a Bechtel expos by veteran investigative reporter Sally Denton. Contacts. Bechtel, the $21.8 billion (revenues) engineering and construction business based in Virginia, has been family run for five generations. Brendan Bechtel is chairman and chief executive officer of Bechtel, a trusted engineering, construction and project management partner to industry and government. 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. FORTUNE may receive compensation for some links to products and services on this website. 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. Prior to being elected chairman in April 2017, Brendan was named Bechtel's chief executive officer in September 2016. 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