8-K: Sterling Infrastructure Appoints Nicholas Grindstaff as New Chief Financial Officer

Sterling Infrastructure, Inc. has announced the appointment of Nicholas Grindstaff as its new Chief Financial Officer, effective July 10, 2025, succeeding Ronald A. Ballschmiede.

Summary

• Nicholas Grindstaff, age 62, has been appointed as Chief Financial Officer (CFO) and principal accounting officer of Sterling Infrastructure, Inc., effective July 10, 2025.
• Mr. Grindstaff succeeds Ronald A. Ballschmiede, who served as the company's Executive Vice President, CFO, and Chief Accounting Officer (CAO) since March 15, 2025, following a prior departure and subsequent interim role.
• Mr. Ballschmiede will continue as Executive Vice President until his expected retirement in 2025 to assist with the transition to the new CFO.
• Mr. Grindstaff's compensation package includes a base salary of $600,000, a sign-on bonus of $200,000, and a one-time grant of 5,000 time-based restricted stock units vesting ratably over three years.
• He will be eligible for an annual short-term cash-based incentive plan with a target payment of 75% of his base salary, pro-rated for 2025, based on corporate financial and non-financial strategic metrics.
• Mr. Grindstaff will also be eligible for an annual long-term, equity-based incentive plan with a target award of 115% of his base salary, pro-rated for 2025, consisting of 40% restricted stock units and 60% performance-based stock units.
• His recent experience includes serving as CFO for Cinterra (December 2024 to June 2025) and Orbital Infrastructure Group, Inc. (2021 to 2024), and over two decades at Quanta Services, Inc. (Treasurer from 1999, VP-Finance from 2011 to 2021).

Sentiment

Score: 8

Explanation: The appointment of a highly experienced CFO with a strong background in relevant industries, coupled with a smooth transition plan, indicates positive strategic alignment and stability for the company's financial leadership.

Positives

• The appointment of Nicholas Grindstaff brings over 30 years of extensive finance and leadership experience to Sterling Infrastructure.
• Mr. Grindstaff has a proven track record across the infrastructure and energy industries, aligning well with Sterling's business segments.
• The transition plan involves the outgoing CFO, Ronald A. Ballschmiede, assisting Mr. Grindstaff until his retirement, ensuring a smooth leadership handover.
• The CEO, Joe Cutillo, expressed confidence that Mr. Grindstaff's insights and capabilities will be invaluable for scaling the company and achieving long-term strategic objectives.

Future Outlook

Sterling Infrastructure's CEO, Joe Cutillo, stated that the appointment of Nicholas Grindstaff as CFO is expected to be invaluable as the company continues its efforts to scale and execute on its long-term strategic objectives.

Management Comments

• "We are pleased to welcome Nick to Sterling as our new CFO. His extensive experience across diverse financial disciplines and his leadership within decentralized, entrepreneurial organizations make him an excellent fit for our culture. Nicks insight and capabilities will be invaluable as we continue to scale the company and execute on our long-term strategic objectives." Joe Cutillo, CEO.
• "We build and service the infrastructure that enables our economy to run, our people to move and our country to grow." Joe Cutillo, CEO.

Industry Context

Sterling Infrastructure operates across E-Infrastructure, Transportation, and Building Solutions. The appointment of Nicholas Grindstaff, with his extensive background as CFO in companies specializing in electrical infrastructure, renewable energy development, and diversified infrastructure services (Cinterra, Orbital Infrastructure Group, Quanta Services), strongly aligns with Sterling's core business and strategic growth areas within the broader infrastructure and energy sectors.

Comparison to Industry Standards

• Mr. Grindstaff's prior roles as CFO at Cinterra, a utility-scale solar and renewable energy contractor, and Orbital Infrastructure Group, Inc., a diversified infrastructure services company, demonstrate direct experience in segments comparable to Sterling's E-Infrastructure and Transportation Solutions.
• His two-decade tenure at Quanta Services, Inc., a publicly-traded leading energy infrastructure provider, indicates deep familiarity with the financial complexities and reporting requirements typical for a large public company in the infrastructure sector, setting a high standard for financial leadership.

Management Changes

Stakeholder Impact

• **Shareholders**: The appointment of an experienced CFO provides stability and continuity in financial leadership, potentially enhancing investor confidence in the company's strategic direction and financial management.
• **Employees**: Ensures stable financial operations and leadership, which can contribute to overall organizational stability and clarity.
• **Customers and Suppliers**: Implies continued sound financial management, which supports ongoing business relationships and operational reliability.

Next Steps

• Nicholas Grindstaff will officially assume the role of Chief Financial Officer and principal accounting officer on July 10, 2025.
• Ronald A. Ballschmiede will continue as Executive Vice President to assist Mr. Grindstaff during the transition period until his expected retirement in 2025.
• The company aims to continue scaling its operations and executing its long-term strategic objectives under the new financial leadership.

Key Dates

Recommendation

Keywords

Sterling Infrastructure, STRL, CFO, Chief Financial Officer, Nicholas Grindstaff, Ronald Ballschmiede, executive appointment, corporate governance, infrastructure, E-Infrastructure, Transportation Solutions, Building Solutions, financial leadership, SEC filing, 8-K