Second Non-Family Member to Hold McCarthy CEO Position

DALLAS—After a deliberate multi-year succession process, McCarthy Holdings Inc. selected Raymond J. Sedey as the firm’s next chief executive officer effective January 1, 2020. The position is currently being held by Michael Bolen, who will continue in the role as chairman of the McCarthy board of directors.

“McCarthy stands on a strong, solid foundation poised for continued growth and success,” explains Bolen. “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. 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.”

Founded as a family-owned business in 1864, McCarthy transitioned to 100% employee ownership in 2002, becoming one of the nation’s largest employee stock ownership plan companies. McCarthy ranks as the 12th largest domestic general contractor 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.

“It is a true honor to be selected as Mike’s successor,” Sedey says. “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 superintendent, project manager and director before being promoted to vice president of 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 within 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 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 of Southern regional president.

Sedey 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 advocate for diversity in the industry, with a focus on encouraging and supporting women in construction careers. Sedey is expected to maintain an office in Dallas as well as in the McCarthy corporate headquarters in St. Louis.

“Our key southern markets are booming and the opportunities are endless,” Joe Jouvenal, McCarthy Southern region leader, tells GlobeSt.com. “I believe our teams are perfectly positioned to deliver exceptional client experience, and I look forward to carrying on our legacy, improving upon the excellent reputation our Southern region teams have built.”

Cushman & Wakefield recently released Opportunity Zones: Location, Timing, Capital, a report examining the economic potential of opportunity zones in markets nationwide. The firm ranked the Dallas metro third in terms of economic momentum for US developmental areas.