Jacobs to Lead Terminal Modernization at Ohio's Busiest Airport

Rhea-AI Summary

CNX (NYSE: CNX) announced a CEO succession: Alan Shepard, currently President and Chief Financial Officer, will become President and Chief Executive Officer effective January 1, 2026. He succeeds Nick Deiuliis, who will retire as CEO at the end of 2025 after 35 years with CNX and will remain on the company's Board of Directors.

Shepard rejoined CNX in 2020, has more than 20 years of energy-sector experience, served as CFO since June 2022 and as President since June 2025. The company expects to name a new Chief Financial Officer by year end.

Positive

• CEO succession effective January 1, 2026
• Alan Shepard has >20 years energy experience
• Outgoing CEO will remain on Board of Directors

Negative

• Company to name new CFO by year end 2025
• End of 35-year CEO tenure may cause leadership transition

Insights

Corporate leadership analyst

Internal succession to CEO from current President/CFO; orderly transition with board continuity and a CFO vacancy to fill.

Alan Shepard will become CEO on January 1, 2026, succeeding a long-tenured CEO who will remain on the board. The change preserves executive continuity because the successor already holds the roles of President and CFO and has led the company since 2020.

The business mechanism is simple: leadership continuity reduces execution risk during a CEO handover. Key dependencies include the speed and quality of the planned CFO appointment and the new CEO's ability to balance legacy strategy with any operational priorities he inherits. Retaining the outgoing CEO as a director supports institutional memory but could complicate governance if role boundaries blur.

Watch for the named CFO by year end and any accompanying updates to guidance, capital-allocation plans, or the described "Sustainable Business Model" over the next 3–12 months. These discrete, monitorable items will clarify whether the transition materially affects corporate strategy or financial execution.

Cleveland Hopkins International Airport upgrades to improve critical infrastructure  

DALLAS, Nov. 18, 2025 /PRNewswire/ -- Jacobs (NYSE: J) has been selected to lead program and construction management services for phase one of a $1.6 billion modernization of Cleveland Hopkins International Airport (CLE).

The transformative program, CLEvolution, is designed to reimagine the airport experience for millions of travelers by modernizing aging infrastructure enhancing accessibility and passenger flow at Ohio's most traveled airport.

Jacobs Executive Vice President Katus Watson said: "CLEvolution is a powerful statement of Cleveland's ambition to transform and revolutionize the travel experience for residents and visitors. As Engineering News-Record's top-ranked aviation firm, Jacobs brings deep experience to 25 of the busiest U.S. airports. With smarter design, expanded amenities and a seamless flow, we're helping deliver an airport experience that matches the pride and hospitality of the city itself and transforms the passenger journey from curb to gate."

The program's first phase will deliver:

• A redesigned terminal entrance inspired by Lake Erie's waves, expanded curbside drop-off and a spacious check-in lobby
• A consolidated TSA checkpoint and new international arrivals area
• A new ground transportation center and upgraded train station
• Expanded parking with a 6,000-space multi-level garage

These improvements will support CLE's continued growth, which surpassed 10 million passengers in 2024, and position the airport as a world-class gateway to the region.

City of Cleveland Director of Port Control Bryant L. Francis said: "We're proving our commitment to moving this work forward by aligning with the right partners to bring our vision to life. With the continued support of our airline partners and our shared focus on the future, we're laying the foundation for a more modern, efficient, and passenger-focused Cleveland Hopkins International Airport."

Ranked as No. 1 in Aviation by Engineering News-Record, Jacobs is shaping the future of aviation infrastructure around the world on projects such as work across Denver International Airport since its inception; the world's largest Consolidated Rent-A-Car facility at Los Angeles International Airport; and the 10-year Manchester Airport Transformation Program in the U.K.  

At Jacobs, we're challenging today to reinvent tomorrow – delivering outcomes and solutions for the world's most complex challenges. With approximately $12 billion in annual revenue and a team of almost 45,000, we provide end-to-end services in advanced manufacturing, cities & places, energy, environmental, life sciences, transportation and water. From advisory and consulting, feasibility, planning, design, program and lifecycle management, we're creating a more connected and sustainable world. See how at jacobs.com and connect with us on LinkedIn, Instagram, X and Facebook. 

Certain statements contained in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not directly relate to any historical or current fact. When used herein, words such as "expects," "anticipates," "believes," "seeks," "estimates," "plans," "intends," "future," "will," "would," "could," "can," "may," and similar words are intended to identify forward-looking statements. We base these forward-looking statements on management's current estimates and expectations, as well as currently available competitive, financial and economic data. Forward-looking statements, however, are inherently uncertain. There are a variety of factors that could cause business results to differ materially from our forward-looking statements including, but not limited to, uncertainties as to, the timing of the award of projects and funding and potential changes to the amounts provided for under the Infrastructure Investment and Jobs Act and other legislation and executive orders related to governmental spending, including any directive to federal agencies to reduce federal spending or the size of the federal workforce, and changes in U.S. or foreign tax laws, including the new tax legislation enacted in the U.S. in July 2025, statutes, rules, regulations or ordinances, including the impact of, and changes to tariffs and retaliatory tariffs or trade policies, that may adversely impact our future financial positions or results of operations, as well as general economic conditions, including inflation and the actions taken by monetary authorities in response to inflation, changes in interest rates and foreign currency exchange rates, changes in capital markets, the possibility of a recession or economic downturn, and increased uncertainty and risks, including policy risks and potential civil unrest, relating to the outcome of elections across our key markets and elevated geopolitical tension and conflicts, among others. For a description of these and additional factors that may occur that could cause actual results to differ from our forward-looking statements, see our filings with the U.S. Securities and Exchange Commission. The company is not under any duty to update any of the forward-looking statements after the date of this press release to conform to actual results, except as required by applicable law.

For press/media inquiries:
media@jacobs.com  

 

FAQ

Who will be CEO of CNX (NYSE: CNX) after January 1, 2026?

Alan Shepard will assume the role of President and CEO effective January 1, 2026.

When is Nick Deiuliis retiring as CNX CEO and will he remain with the company?

Nick Deiuliis will retire as CEO at the end of 2025 after 35 years and will remain on the Board.

What roles has Alan Shepard held at CNX before becoming CEO (NYSE: CNX)?

Shepard rejoined CNX in 2020, served as CFO since June 2022 and as President since June 2025.

Does CNX (NYSE: CNX) have a permanent CFO after the CEO transition?

CNX expects to name a new Chief Financial Officer by year end 2025.

How much industry experience does new CNX CEO Alan Shepard have?

Alan Shepard has more than 20 years of experience in the energy sector.