Granite Hires

Granite Hires First Outside CEO

With growth and good fortune on its side, Granite hires its first outside CEO and prepares to enter the public market.

 

Times were good for the dam-building business. In 1983, Truscott Brine Dam, a $23 million dam-building project in the Texas panhandle, expanded Granite’s reach into the Lone Star State. In 1984, Texas stars aligned again. Knowing that Texas projects were storied to drag on, Granite bid “California-style” production levels with a faster timeline and “Big Red,” a concrete ready-mix plant with a production of 600 yards an hour. 

 

The 1980s saw more changes to company ownership. In 1983, Bert Scott bought out the remaining Wilkinson interest, from Jerry and Jack Wilkinson, sons of Walter Jr. and grandsons of Walter, for $25 million. Bert Scott’s heirs owned 100 percent of Granite Construction, including his nephew and then president of Granite Construction, Dick Solari. In 1985, fifty-one percent of Granite was sold to employees as part of a popular employee stock ownership plan. Two years later, Granite hired its first outside leader, Dave Watts, as CEO.