Doug Audiffred has been named chief financial officer of McCarthy Building Companies, Inc., one of the nation’s oldest and largest privately-held construction companies. He assumes this new position following a year-long transition period with former CFO George Scherer. Scherer, 63, retired on December 31, 2008, after 26 years with the firm.
Audiffred, 42, has more than 20 years of experience in accounting and finance, having worked for a large public accounting firm and a manufacturing company prior to joining McCarthy as corporate controller in 1994. A member of the McCarthy executive committee since 2007, he most recently served as vice president of finance, responsible for all company accounting and financial reporting.
“Over the past decade, our company has undergone a number of important changes, the most significant of which was our long-planned transition from a family-owned company to 100% employee ownership,” said Mike Bolen, McCarthy’s chief executive officer/chairman. “Doug played an instrumental role in this conversion and has continued to enhance the sophistication of McCarthy’s finance function as our company has evolved.” Audiffred has also played a significant role in the advancement of the company’s modeling and forecasting capabilities; the creation of stand-alone internal treasury and risk management functions; and management and implementation of the McCarthy employee stock ownership plan (ESOP). He will be based at McCarthy’s corporate headquarters in St. Louis.
During Scherer’s tenure as corporate chief financial officer, the company experienced significant growth. He played a key role in managing the growing business and served as the company’s first true corporate controller. “George created reporting and tracking mechanisms to assist in short-term and long-term business planning; led the company transition from family to employee ownership, including a 2008 transition to 100% ESOP; and oversaw the transition from a C-Corp to S-Corp structure,” Bolen said. “His unique blend of strong accounting knowledge and business acumen has been instrumental in the company’s success for more than two decades. He will be greatly missed.”
“I am honored to have been chosen to follow in George’s footsteps,” commented Audiffred. “In addition to continuing to build and maintain relationships with our financial stakeholders, I remain committed to protecting and enhancing an already strong balance sheet to build shareholder value for our employee owners.”
About McCarthy
Founded in 1864, McCarthy is one of the oldest privately held construction firms in America. With 2008 revenues in excess of $3.4 billion, the 100% employee-owned firm provides construction management, design/build and general contracting services for clients nationwide. The firm is ranked the 10th largest domestic general contractor (Engineering News-Record, May 2008). In addition to its corporate headquarters in St. Louis, the company has additional full-service offices in Atlanta, Phoenix, Las Vegas, Dallas, Newport Beach, San Francisco, San Diego and Sacramento. More information about the company is available online at www.mccarthy.com.
