The construction services firm Jacobs Engineering says CEO Craig Martin will step down in late December because of health reasons.
Former CEO and current board chairman Noel Watson will serve as executive chairman until a replacement for Martin is found, the company said in an announcement Sunday.
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Martin, 65, joined Jacobs in 1994 and became CEO in 2006. "I would love to continue to lead this extraordinary organization, but it would be unfair to our employees and our shareholders for me to try to continue in my role and address my health issues," he said in a statement.
Jacobs, based in Pasadena, California, helps design and build large, complex facilities for oil and gas companies, chemicals companies, governments and a variety of industrial customers.
Jacobs' revenue for its most recent fiscal year, which ended in September, rose 7 percent to $12.7 billion, but net income fell 20 percent to $352 million. Company shares are down 22 percent since Jan. 1, compared with a 12 percent rise in the broader U.S. market.
Martin will step down Dec. 26, the last day of the company's first fiscal quarter.