Following the departure of its former chief financial officer eight months into the job, Jacobs Solutions has officially appointed a new CFO, according to a company release.
The Dallas-based company tapped semiconductor exec Venk Nathamuni as the company’s new chief financial officer, effective June 3, according to a company release.
The news came just six weeks after the surprise and abrupt announcement that Claudia Jaramillo, who stepped into the role late last year, abruptly announced her departure. She posted a farewell message on her LinkedIn page that said, “On March 29th, I handed over the CFO position,” without further explanation. Jaramillo did not respond to a request for comment.
It is one of several high-profile CFO switches at public construction companies in recent months, including changes in the role at Sweden-based Skanska and Watsonville, California-based Granite Construction. Those moves encapsulate a broader trend among public companies in general, one where CFO turnover has hit a three-year high.
In his new role at Jacobs, Nathamuni will oversee Jacobs’ financial operations, enterprise-wide optimization, capital allocation and investor relations activities. He will play a significant leadership role in guiding the company’s financial and business strategy to support its long-term growth objectives and enhance shareholder value, the firm said.
Venk Nathamuni
Courtesy of Jacobs Solutions
“Jacobs is a formidable company and has a strong culture,” said Nathamuni in the release. “I look forward to collaborating with [CEO] Bob [Pragada] and the team to continue to drive financial excellence, operational efficiency and a sustainable next generation of growth while contributing to the business transformation.”
Prior to joining Jacobs, Nathamuni served as the CFO at Cirrus Logic, an Austin, Texas-based semiconductor company. During his tenure, Nathamuni played a key role in the $6 billion global semiconductor company’s financial performance and strategic initiatives.
He has also held leadership positions at J.P. Morgan, semiconductor company QuickLogic and software companies Synopsys and Synplicity. His appointment at Jacobs comes at a time when billions of dollars are pouring into the semiconductor space, fueled by the $52 billion CHIPS and Science Act, as well as the $866 billion in private investments the law has incentivized.
In its latest earnings call, Jacobs CEO Bob Pragada highlighted the semiconductor construction industry as a burgeoning area of opportunity, especially as projects begin to ramp up in their next stages of construction.
“Venk’s experience is a powerful combination of deep technical knowledge and financial acumen, encompassing corporate finance, strategy, capital allocation and M&A,” said Pragada in the release. “Venk’s proven track record of strategic vision, strong business leadership, and commitment to fostering a positive culture and driving results will be invaluable as we continue to innovate and drive growth in the rapidly evolving critical infrastructure landscape.”
Nathamuni will succeed interim CFO Kevin Berryman. Berryman will provide transitional support to Nathamuni over the coming weeks and continue in his role as special advisor to the CEO in overseeing the separation of Jacobs’ Critical Mission Solutions and Cyber & Intelligence business, said Pragada.
