North American Construction Group Ltd. Provides Corporate Updates
Rhea-AI Summary
North American Construction Group (TSX/NYSE: NOA) announced that Joe Lambert resigned as President and CEO, effective immediately, and that Chief Operating Officer Barry Palmer has assumed the role of President and CEO. The company has begun assessing internal and external candidates for a permanent CEO.
The company confirmed that closing activities for its acquisition of Iron Mine Contracting remain on schedule with a targeted close this quarter, and said it will announce a date for the 2025 Annual Report in the coming weeks.
Positive
- Immediate succession: Barry Palmer appointed President and CEO effective immediately
- Continuity: Internal COO promotion reduces short‑term leadership disruption
- Acquisition on track: Iron Mine Contracting closing targeted for this quarter
Negative
- CEO departure: Resignation creates near‑term leadership transition risk
- Permanent CEO TBD: Board is still assessing internal and external candidates
Key Figures
Market Reality Check
Peers on Argus
NOA gained 0.96% while peers were mixed: OIS -0.49%, FET -2.74%, FTK -2.25%, NGS +1.64%, PUMP +2.37%. Moves do not show a clear sector-wide pattern.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 18 | Australian acquisition | Positive | -1.1% | Announced Iron Mine Contracting acquisition to expand Western Australia presence. |
| Nov 12 | Q3 2025 earnings | Negative | +1.9% | Reported revenue growth but weaker margins and sharply lower adjusted EPS. |
| Oct 22 | Notes closing | Neutral | +1.6% | Closed additional $125M senior unsecured notes due 2030 to refinance debt. |
| Oct 16 | Earnings call notice | Neutral | -0.3% | Announced dates and access details for upcoming Q3 2025 results call. |
| Oct 07 | Debt offering | Negative | -0.6% | Announced reopening of $125M 7.75% senior unsecured notes due 2030. |
Recent news shows more alignment than divergence, but key strategic/acquisition items saw negative or muted price reactions.
Over the past few months, North American Construction Group announced an Australian acquisition of Iron Mine Contracting for about $115 million, Q3 2025 earnings with higher revenue but weaker margins and EPS, and multiple debt financings via additional $125 million senior unsecured notes, taking the notes series to $350 million. It also communicated normal course disclosure items like conference call logistics. Some growth and financing updates saw modest or negative price reactions, while earnings produced a small gain. Today’s leadership change and acquisition-closing update follow this backdrop of expansion and balance sheet activity.
Market Pulse Summary
This announcement details a CEO transition, with the long-serving COO assuming leadership, and confirms that closing activities for the Iron Mine Contracting acquisition remain on schedule this quarter. It also flags an upcoming 2025 Annual Report date. Investors may track how leadership continuity supports integration of the Australian acquisition and ongoing execution in civil construction, mining and earthworks, while monitoring future earnings, debt developments, and backlog trends for evidence of sustained performance.
AI-generated analysis. Not financial advice.
ACHESON, Alberta, Jan. 21, 2026 (GLOBE NEWSWIRE) -- North American Construction Group Ltd. (“NACG” or “the Company”) (TSX:NOA/NYSE:NOA) today announced that Joe Lambert has resigned from his position as President and Chief Executive Officer of the Company to pursue other opportunities. Effective immediately, the Company’s Chief Operating Officer, Barry Palmer, has assumed the role of President and Chief Executive Officer. The Company has begun the process of assessing both internal and external candidates to assume the role on a permanent basis.
Martin Ferron, Chairman of the Board of Directors, stated, “I would like to take this opportunity to thank Mr. Lambert for his dedication and loyalty to the Company. During his tenure, Joe successfully led the Company to new levels of geographic and commodity diversification while also navigating through unprecedented challenges. In no small part due to his leadership, NACG is now very well positioned to be a strong competitor in the civil construction, mining and earthworks markets throughout North America and Australia. I wish Joe all the best in his future endeavors.”
Barry Palmer, President and CEO, stated, “We remain focused on our customers at the start of 2026 and I am looking forward to leading our company into this important year. Having been here for over 40 years, I will ensure that our teams stay focused on safety and operational excellence. We have the people, equipment and culture to achieve our targets and our collective goal is to continue to grow by building on the solid foundation that is in place.”
Further to its press release on December 18, 2025, the Company confirms that closing activities related to its acquisition of Iron Mine Contracting remain on schedule, with a targeted closing of this quarter. The Company expects to provide a date for release of its 2025 Annual Report in the coming weeks.
About the Company
North American Construction Group Ltd. is a premier provider of heavy civil construction and mining services in Australia, Canada, and the U.S. For over 70 years, NACG has delivered quality services to the mining, resource and infrastructure construction markets.
Jason Veenstra, CPA, CA
Chief Financial Officer
P: 780.960.7171
E: ir@nacg.ca
The information provided in this release contains forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words “expected”, “estimated” or similar expressions, including the anticipated revenues and backlog to be generated by the contract. The material factors or assumptions used to develop the above forward-looking statements and the risks and uncertainties to which such forward-looking statements are subject are highlighted in the Company’s MD&A for the year ended December 31, 2024 and quarter ending September 30, 2025. Actual results could differ materially from those contemplated by such forward-looking statements because of any number of factors and uncertainties, many of which are beyond NACG’s control. For more complete information about NACG, please read our disclosure documents filed with the SEC and the CSA. These free documents can be obtained by visiting EDGAR on the SEC website at www.sec.gov or on the CSA website at www.sedarplus.com.
FAQ
Why did Joe Lambert resign as CEO of North American Construction Group (NOA) on Jan 21, 2026?
Who is the interim CEO of North American Construction Group (NOA) after Jan 21, 2026?
When will North American Construction Group (NOA) close the Iron Mine Contracting acquisition?
Will North American Construction Group (NOA) announce a date for its 2025 Annual Report?
Does the CEO change at North American Construction Group (NOA) affect day‑to‑day operations?
