Interesting news this morning that the United Arab Emirates will soon ban BlackBerry usage in the country.
The ban on BlackBerry e-mail, messaging and Web browsing services will extend to foreign visitors, too, which has potentially damaging repercussions on the AEC industry that has relied on the United Arab Emirates, and Dubai, in particular, for so much work in recent years.
After all, as any busy A/E firm leader will tell you, they call it a "CrackBerry" for a reason, and if you take one away from someone who uses it, it makes executives that much less productive than if they were able to read and respond to e-mails as they come in.
But you go where the business is, and if the price of doing business in Dubai is no BlackBerry then we may see a cadre of spouses sending their CrackBerry addicts to the wealthy Middle Eastern country.
Ed
Monday, August 2, 2010
Wednesday, July 21, 2010
Is the Third Wednesday of Each Month Groundhog Day?
Forgive me if you've heard this before, but there was a negligible increase in the American Institute of Architects' Architecture Billings Index last month.
Continuing it's "one step forward, two steps back, two steps forward, one step back" routine of the past three years, the June ABI rating was 46.0, up slightly from a reading of 45.8 in May. And that May numbers was a sharp decline from the 48.4 in April. The score reflects a continued decline in demand for design services (any score above 50 indicates an increase in billings).
As a leading economic indicator of construction activity, the ABI reflects the approximate 9- to 12-month lag time between architecture billings and construction spending. What the June ABI rating means, therefore, is that it's going to be at least spring 2011 before we even begin to see things get better in the AEC industry.
"The steep decline in nonresidential property values has slowed investment in new facilities," said AIA Chief Economist Kermit Baker. "Conditions at architecture firms continue to remain very soft, but we're optimistic that they will improve before the end of the year."
Until the ABI shows AT LEAST three consecutive months above 50, don't believe any projections that things will get better anytime soon. There's just no quantifiable data that anyone can point to with certainty that shows WHEN things will get better.
The new projects inquiry index did increase from 55.5 to 57.7, but as we've talked about before, that's as much a sign of more firms pursuing projects as it is there being more projects out there.
So we live in a world of speculative positivity, where people want the crystal ball to show things are going to get better. That's called wishing upon a star, and you can't plan with any certainty for 2011 that things are going to improve.
Your best course of action is to plan for this sort of topsy-turvy economy to keep middling along for the next year or so. Pursue strategic acquisitions, fill key positions, and try to prepare yourself for the upturn, whenever that may be.
Regionally, the ABI breaks down as follows: Northeast (47.7, down from 50.6), South (46.7, up from 45.9), Midwest (46.3, down from 48.5), and West (43.6, up from 42.9). By market sector, the ABI is as follows: commercial/industrial (50.6, down from 51.3), multi-family residential (46.5, down from 46.9), institutional (45.0, up from 43.4), and mixed practice (44.7, down from 46.8).
Ed
Continuing it's "one step forward, two steps back, two steps forward, one step back" routine of the past three years, the June ABI rating was 46.0, up slightly from a reading of 45.8 in May. And that May numbers was a sharp decline from the 48.4 in April. The score reflects a continued decline in demand for design services (any score above 50 indicates an increase in billings).
As a leading economic indicator of construction activity, the ABI reflects the approximate 9- to 12-month lag time between architecture billings and construction spending. What the June ABI rating means, therefore, is that it's going to be at least spring 2011 before we even begin to see things get better in the AEC industry.
"The steep decline in nonresidential property values has slowed investment in new facilities," said AIA Chief Economist Kermit Baker. "Conditions at architecture firms continue to remain very soft, but we're optimistic that they will improve before the end of the year."
Until the ABI shows AT LEAST three consecutive months above 50, don't believe any projections that things will get better anytime soon. There's just no quantifiable data that anyone can point to with certainty that shows WHEN things will get better.
The new projects inquiry index did increase from 55.5 to 57.7, but as we've talked about before, that's as much a sign of more firms pursuing projects as it is there being more projects out there.
So we live in a world of speculative positivity, where people want the crystal ball to show things are going to get better. That's called wishing upon a star, and you can't plan with any certainty for 2011 that things are going to improve.
Your best course of action is to plan for this sort of topsy-turvy economy to keep middling along for the next year or so. Pursue strategic acquisitions, fill key positions, and try to prepare yourself for the upturn, whenever that may be.
Regionally, the ABI breaks down as follows: Northeast (47.7, down from 50.6), South (46.7, up from 45.9), Midwest (46.3, down from 48.5), and West (43.6, up from 42.9). By market sector, the ABI is as follows: commercial/industrial (50.6, down from 51.3), multi-family residential (46.5, down from 46.9), institutional (45.0, up from 43.4), and mixed practice (44.7, down from 46.8).
Ed
Friday, June 11, 2010
The day the music died?
Anyone who frequents Twitter (I use it to aggregate content more than anything else) has surely noticed that it has been "over capacity" several times this week.
Given the move toward social networking and away from "traditional" forms of marketing like e-mail or, for the truly daring, direct mail, I found it interesting that the Flavor of the Day, Twitter, has been clogged by too many users all week.
Would it make more sense to spend some of that intellectual capital on an under-utilized marketing channel like direct mail (the U.S. Postal Service is considering going to five days a week due to people not sending this via "snail mail")? Well, if the channels that everyone is using become overpopulated, your message is never getting out to your target audience, so why not use what's available?
Too expensive, you say? There's a concept called "target marketing" which is fuzzy to many of you seeking the widest possible audience to promote your services that you should remember when deciding to enter (or re-enter) the direct mail world.
Create your message, target your audience, and send it via the U.S. Post Office. At least you won't have to worry about it being "over capacity" and the message not getting through!
Ed
Given the move toward social networking and away from "traditional" forms of marketing like e-mail or, for the truly daring, direct mail, I found it interesting that the Flavor of the Day, Twitter, has been clogged by too many users all week.
Would it make more sense to spend some of that intellectual capital on an under-utilized marketing channel like direct mail (the U.S. Postal Service is considering going to five days a week due to people not sending this via "snail mail")? Well, if the channels that everyone is using become overpopulated, your message is never getting out to your target audience, so why not use what's available?
Too expensive, you say? There's a concept called "target marketing" which is fuzzy to many of you seeking the widest possible audience to promote your services that you should remember when deciding to enter (or re-enter) the direct mail world.
Create your message, target your audience, and send it via the U.S. Post Office. At least you won't have to worry about it being "over capacity" and the message not getting through!
Ed
Tuesday, May 25, 2010
PSMJ Resources Inc. Announces 2010 Circle of Excellence
PRESS RELEASE - FOR IMMEDIATE RELEASE
PSMJ Resources Inc. Announces 2010 Circle of Excellence
Newton, MA—May 25, 2010—PSMJ Resources, Inc., the premier management consulting firm for the A/E/C (architecture/engineering/construction) industries, today published the 2010 PSMJ Circle of Excellence.
The 2010 PSMJ Circle of Excellence is determined by weighting each firm’s ranking in the overall 2010 PSMJ A/E Financial Performance Benchmark Report with respect to 13 individual benchmarks. These benchmarks are indicative of performance in the various aspects of business operations, including cash flow, overhead control, business development, project performance, staff utilization, and overall profitability.
“The PSMJ Circle of Excellence is not determined by firm revenue, profitability, or sheer size – nor is it determined by any subjective criteria. The 13 benchmarks that determine the PSMJ Circle of Excellence were chosen to reflect that the firms are well-managed, have a strong client base, and are led in a responsible and sustainable manner. PSMJ believes that clients prefer to work with well-run firms because they are more likely to provide superior service and value,” explains H.E. “Dan” Daniels, PSMJ’s survey editor.
The 2010 PSMJ Circle of Excellence reflects the performance of 41 participating design firms, 36 of which have agreed thus far to have their names published.
They are as follows:
A/R/C Associates, Inc.
Atlantic Coast Consulting, Inc
Barker Rinker Seacat Architecture
Bernardin Lochmueller & Associates Inc
Brown Engineers LLC
CP&Y Inc
Cooper Zietz Consulting Engineers, Inc.
Donan Engineering Co., Inc.
Environmental Standards
Eskew+Dumez+Ripple
Fentress Architects
Freese & Nichols Inc
Great West Engineering
H&A Architects & Engineers
Heneghan and Associates PC
HMB Professional Engineers Inc
King & King Architects LLP
Klohn Crippen Berger Ltd
Klotz Associates Inc
Larson Design Group (LDG)
LPA Inc
Luckett & Farley Architects & Engineers
Orchard Hiltz & McCliment Inc - OHM
P2S Engineering Inc
Pfluger Associates Architects
Ready Engineering Corporation
Rogers Lovelock & Fritz Inc (RLF)
Shannon & Wilson Inc
SHP Leading Design
SPEC Services Inc
Stanley Consultants Inc
The Walter Fedy Partnership
Thomas Miller & Partners, LLC
Wiley/Wilson
Williams Blackstock Architects
Wright-Pierce Engineers
In addition to publishing the PSMJ Circle of Excellence, PSMJ Resources Inc. will hold its fourth conference highlighting the business practices of these outstanding firms in September 2010 in San Diego, California, and will feature as speakers the leaders in PSMJ Circle of Excellence firms.
CONTACT:
Ed Hannan
Vice President, Publishing
PSMJ Resources, Inc.
10 Midland Ave.
Newton, MA 02458 USA
Email: ehannan@psmj.com
Phone: 617-965-0055, x 159
Now in its 30th edition, the 2010 PSMJ A/E Financial Performance Benchmark Report includes data from 203 A/E firms in the United States and Canada. The Benchmark Report provides detailed data and analysis on operating profits, overhead rates, utilization, financial ratios, marketing costs and much more.
About PSMJ Resources, Inc.
For more than 35 years, PSMJ Resources, Inc. has offered publications, educational programs, in-house training and management consulting services to A/E/C professionals worldwide. PSMJ Resources conducts more than 200 educational seminars and conferences annually, supported by major professional societies, including AIA and ACEC. Headquartered in Newton, MA, PSMJ Resources provides more than 150 titles in book and audio, and publishes three newsletters about A/E/C firm management. PSMJ Resources also produces the industry’s preeminent annual surveys on management salaries, financial performance, fees and pricing, and benchmarks for the design firm CEO. On the web: http://www.psmj.com/
PSMJ Resources Inc. Announces 2010 Circle of Excellence
Newton, MA—May 25, 2010—PSMJ Resources, Inc., the premier management consulting firm for the A/E/C (architecture/engineering/construction) industries, today published the 2010 PSMJ Circle of Excellence.
The 2010 PSMJ Circle of Excellence is determined by weighting each firm’s ranking in the overall 2010 PSMJ A/E Financial Performance Benchmark Report with respect to 13 individual benchmarks. These benchmarks are indicative of performance in the various aspects of business operations, including cash flow, overhead control, business development, project performance, staff utilization, and overall profitability.
“The PSMJ Circle of Excellence is not determined by firm revenue, profitability, or sheer size – nor is it determined by any subjective criteria. The 13 benchmarks that determine the PSMJ Circle of Excellence were chosen to reflect that the firms are well-managed, have a strong client base, and are led in a responsible and sustainable manner. PSMJ believes that clients prefer to work with well-run firms because they are more likely to provide superior service and value,” explains H.E. “Dan” Daniels, PSMJ’s survey editor.
The 2010 PSMJ Circle of Excellence reflects the performance of 41 participating design firms, 36 of which have agreed thus far to have their names published.
They are as follows:
A/R/C Associates, Inc.
Atlantic Coast Consulting, Inc
Barker Rinker Seacat Architecture
Bernardin Lochmueller & Associates Inc
Brown Engineers LLC
CP&Y Inc
Cooper Zietz Consulting Engineers, Inc.
Donan Engineering Co., Inc.
Environmental Standards
Eskew+Dumez+Ripple
Fentress Architects
Freese & Nichols Inc
Great West Engineering
H&A Architects & Engineers
Heneghan and Associates PC
HMB Professional Engineers Inc
King & King Architects LLP
Klohn Crippen Berger Ltd
Klotz Associates Inc
Larson Design Group (LDG)
LPA Inc
Luckett & Farley Architects & Engineers
Orchard Hiltz & McCliment Inc - OHM
P2S Engineering Inc
Pfluger Associates Architects
Ready Engineering Corporation
Rogers Lovelock & Fritz Inc (RLF)
Shannon & Wilson Inc
SHP Leading Design
SPEC Services Inc
Stanley Consultants Inc
The Walter Fedy Partnership
Thomas Miller & Partners, LLC
Wiley/Wilson
Williams Blackstock Architects
Wright-Pierce Engineers
In addition to publishing the PSMJ Circle of Excellence, PSMJ Resources Inc. will hold its fourth conference highlighting the business practices of these outstanding firms in September 2010 in San Diego, California, and will feature as speakers the leaders in PSMJ Circle of Excellence firms.
CONTACT:
Ed Hannan
Vice President, Publishing
PSMJ Resources, Inc.
10 Midland Ave.
Newton, MA 02458 USA
Email: ehannan@psmj.com
Phone: 617-965-0055, x 159
Now in its 30th edition, the 2010 PSMJ A/E Financial Performance Benchmark Report includes data from 203 A/E firms in the United States and Canada. The Benchmark Report provides detailed data and analysis on operating profits, overhead rates, utilization, financial ratios, marketing costs and much more.
About PSMJ Resources, Inc.
For more than 35 years, PSMJ Resources, Inc. has offered publications, educational programs, in-house training and management consulting services to A/E/C professionals worldwide. PSMJ Resources conducts more than 200 educational seminars and conferences annually, supported by major professional societies, including AIA and ACEC. Headquartered in Newton, MA, PSMJ Resources provides more than 150 titles in book and audio, and publishes three newsletters about A/E/C firm management. PSMJ Resources also produces the industry’s preeminent annual surveys on management salaries, financial performance, fees and pricing, and benchmarks for the design firm CEO. On the web: http://www.psmj.com/
Wednesday, April 21, 2010
ABI Trending Upward, Remains Negative
The American Institute of Architects' Architecture Billings Index ticked upward for the second consecutive month, posting its highest number since August 2008.
Its March rating of 46.1 rose from 44.8 the previous month and 42.1 in January. Though the number represents a continued decline in demand for design services (any score above 50 indicates an increase in billings), the March 2010 number is the highest score since August 2008.
"This is certainly an encouraging sign that we could be moving closer to a recovery phase, even though we continue to hear about mixed conditions across the country," said AIA Chief Economist Kermit Baker. "Firms are still reporting an unusual amount of variation in the level of demand for design services, from improving to poor to virtually non-existent. This increasing volatility is often a sign that overall business conditions may begin to change in the coming months."
The new projects inquiry index was 58.5, although that is a somewhat flawed statistic since it can be attributed to more firms pursuing the same projects as opposed to there actually being more projects available.
Regionally, the March ABI breaks down as follows: Midwest (50.5), Northeast (47.0), West (46.0), and South (44.4). By market sector, it breaks down thusly: multi-family residential (47.3), institutional (46.8), mixed practice (45.0), and commercial/industrial (44.7).
As a leading indicator of construction activity, the ABI reflects the approximate 9- to 12-month lag time between architecture billings and construction spending.
So the news is good, but it's too soon to say that the recession is over.
Ed
Its March rating of 46.1 rose from 44.8 the previous month and 42.1 in January. Though the number represents a continued decline in demand for design services (any score above 50 indicates an increase in billings), the March 2010 number is the highest score since August 2008.
"This is certainly an encouraging sign that we could be moving closer to a recovery phase, even though we continue to hear about mixed conditions across the country," said AIA Chief Economist Kermit Baker. "Firms are still reporting an unusual amount of variation in the level of demand for design services, from improving to poor to virtually non-existent. This increasing volatility is often a sign that overall business conditions may begin to change in the coming months."
The new projects inquiry index was 58.5, although that is a somewhat flawed statistic since it can be attributed to more firms pursuing the same projects as opposed to there actually being more projects available.
Regionally, the March ABI breaks down as follows: Midwest (50.5), Northeast (47.0), West (46.0), and South (44.4). By market sector, it breaks down thusly: multi-family residential (47.3), institutional (46.8), mixed practice (45.0), and commercial/industrial (44.7).
As a leading indicator of construction activity, the ABI reflects the approximate 9- to 12-month lag time between architecture billings and construction spending.
So the news is good, but it's too soon to say that the recession is over.
Ed
Friday, April 16, 2010
RIP, Building Design and Construction
Sad news to report this afternoon as Reed Elsevier announced today that it is closing the magazines it has not been able to sell or does not intend to keep, including Building Design + Construction. In total, Reed Elsevier will close 23 magazines.
The affected titles include many that cover the AEC space: Building Design+Construction, Chain Leader, Construction Bulletin, Construction Equipment, Consulting-Specifying Engineer, Control Engineering, Converting, Foodservice Equipment & Supplies, Graphic Arts Blue Book, Graphic Arts Monthly, HOTELS, Logistics Management, Material Handling Product News, Modern Materials Handling, Plant Engineering, Professional Builder, Professional Remodeler, Purchasing, Restaurant & Institutions, Semiconductor International, Spec Check, Supply Chain Management Review and Tradeshow Week.
The announcement comes about nine months after putting the brands published under the U.S. arm of Reed Business Information on the block again. The news was announced internally at RBI by a memo from RBI Global CEO Keith Jones.
In the memo, he wrote that RBI had successfully sold 21 magazines, representing about two-thirds of the revenues of the portfolio to be divested. But none of them were really in the AEC space (unless you count Interior Design).
In talking about the publications that will be shuttered, he wrote, "These publications have had very experienced, professional and committed teams running them in the most difficult of circumstances. However, their trading performances have been under pressure for some time and the impact of the recession and media migration in the markets for these titles is such that we cannot see our way back to profitable growth. This is very sad for all of us in the RBI community and I wish colleagues at these titles the very best for the future and thank them for their services to readers, advertisers and the company."
The news brings to a close the long saga of Reed Business Information's attempt to find a buyer for the magazines it is closing at the end of the month. We wrote nearly two years ago that it looked like McGraw-Hill (publisher of Engineering News-Record and Architectural Record, among many other publications) would buy Reed Business Information. We also wrote that Reed Elsevier wanted to divest itself of RBI in the second half of 2008, so clearly, today's announcement is the result of a long process of trying to find a buyer that, unfortunately, did not prove successful.
Among the recognizable names to AEC professionals affected by this would presumably be Building Design + Construction Editor in Chief Robert Cassidy, Dave Barista, editor in chief at Professional Builder and former managing editor at Building Design + Construction, Jay Schneider, senior editor at BD+C, and Jeff Yoders, associate editor at BD+C, among many others.
According to published reports, Reed Elsevier is not saying how many positions will be eliminated as a result of the closings. The company says it is open to discussions with potential purchasers of the intellectual property associated with any of the closed brands.
One upshot to all this is the serious negative impact it will have on AEC marketing professionals who will have that many fewer places to run their articles, position pieces, and get their firm leaders and technical professionals exposure.
It also is another sign of how significantly this recession has impacted the AEC industry since it is a lack of advertising (presumably from AEC vendors) that led to this outcome.
A sad day, indeed.
The affected titles include many that cover the AEC space: Building Design+Construction, Chain Leader, Construction Bulletin, Construction Equipment, Consulting-Specifying Engineer, Control Engineering, Converting, Foodservice Equipment & Supplies, Graphic Arts Blue Book, Graphic Arts Monthly, HOTELS, Logistics Management, Material Handling Product News, Modern Materials Handling, Plant Engineering, Professional Builder, Professional Remodeler, Purchasing, Restaurant & Institutions, Semiconductor International, Spec Check, Supply Chain Management Review and Tradeshow Week.
The announcement comes about nine months after putting the brands published under the U.S. arm of Reed Business Information on the block again. The news was announced internally at RBI by a memo from RBI Global CEO Keith Jones.
In the memo, he wrote that RBI had successfully sold 21 magazines, representing about two-thirds of the revenues of the portfolio to be divested. But none of them were really in the AEC space (unless you count Interior Design).
In talking about the publications that will be shuttered, he wrote, "These publications have had very experienced, professional and committed teams running them in the most difficult of circumstances. However, their trading performances have been under pressure for some time and the impact of the recession and media migration in the markets for these titles is such that we cannot see our way back to profitable growth. This is very sad for all of us in the RBI community and I wish colleagues at these titles the very best for the future and thank them for their services to readers, advertisers and the company."
The news brings to a close the long saga of Reed Business Information's attempt to find a buyer for the magazines it is closing at the end of the month. We wrote nearly two years ago that it looked like McGraw-Hill (publisher of Engineering News-Record and Architectural Record, among many other publications) would buy Reed Business Information. We also wrote that Reed Elsevier wanted to divest itself of RBI in the second half of 2008, so clearly, today's announcement is the result of a long process of trying to find a buyer that, unfortunately, did not prove successful.
Among the recognizable names to AEC professionals affected by this would presumably be Building Design + Construction Editor in Chief Robert Cassidy, Dave Barista, editor in chief at Professional Builder and former managing editor at Building Design + Construction, Jay Schneider, senior editor at BD+C, and Jeff Yoders, associate editor at BD+C, among many others.
According to published reports, Reed Elsevier is not saying how many positions will be eliminated as a result of the closings. The company says it is open to discussions with potential purchasers of the intellectual property associated with any of the closed brands.
One upshot to all this is the serious negative impact it will have on AEC marketing professionals who will have that many fewer places to run their articles, position pieces, and get their firm leaders and technical professionals exposure.
It also is another sign of how significantly this recession has impacted the AEC industry since it is a lack of advertising (presumably from AEC vendors) that led to this outcome.
A sad day, indeed.
Tuesday, March 23, 2010
PBS&J in turmoil?
Hot on the heels of last week's news that PBS&J's former CEO John Zumwalt is about to receive more than $2.3 million in payments and benefits comes news that the company may be up for sale.
Zumwalt announced last month that he would resign as CEO and also step down as chairman of the company's board of directors after PBS&J's employee-owners rejected his re-election to the board at the company's annual meeting, according to a Tampa Bay Business Journal article.
The biggest chunk of the separation agreement is a $900,000 transition payment. PBS&J will make that payment to Zumwalt in 24 monthly installments, according to a filing with the Securities and Exchange Commission.
The company will also pay Zumwalt a $330,000 severance payment, payable in a lump sum. The restricted stock he holds will vest immediately and the shares of common stocks he owns in a 401(k) will be redeemed during the next open trading window, the filing said.
In addition, Zumwalt will get $946,824, the value of the accumulated benefits payable to him under the company's key employee capital accumulation plan and $16,003as compensation for accrued but unused paid time off, the filing said. He will be reimbursed $20,000 for legal fees incurred with negotiation and review of the agreement.
He agreed to make himself available to consult with the company for three months in return for a $135,000 consulting fee. If the company needs his consulting services after three months, he'll get a per diem payment of $3,000 per day.
In return, Zumwalt agreed not to compete against PBS&J for two years.
Zumwalt resigned in the midst of an internal investigation at PBSJ Corporation into alleged violation of the Foreign Corrupt Practice Act. The internal probe is focused on the PBS&J International Inc. subsidiary. Zumwalt served as president of the international subsidiary until July, according to the article.
Meanwhile, a St. Petersburg (Florida) Times article that came out this morning claims that the employee-owned firm has stopped workers from buying or selling company stock while it considers overtures from outsiders.
Investors and competitors have expressed preliminary interest in buying a stake in PBSJ Corporation or acquiring the company, chairman Robert Paulsen wrote in an e-mail to employees last week. The company has signed nondisclosure agreements with potential suitors and can't say if negotiations are taking place or with whom, he wrote.
Securities laws prohibit companies from engaging in stock transactions without disclosing information that could influence an investor's decisions to buy or sell the stock.
Employees holding more than 20 percent of PBSJ shares indicated they wanted to sell their shares when the annual "window" for stock transactions was scheduled to open March 17.
Stay tuned.
Ed
Zumwalt announced last month that he would resign as CEO and also step down as chairman of the company's board of directors after PBS&J's employee-owners rejected his re-election to the board at the company's annual meeting, according to a Tampa Bay Business Journal article.
The biggest chunk of the separation agreement is a $900,000 transition payment. PBS&J will make that payment to Zumwalt in 24 monthly installments, according to a filing with the Securities and Exchange Commission.
The company will also pay Zumwalt a $330,000 severance payment, payable in a lump sum. The restricted stock he holds will vest immediately and the shares of common stocks he owns in a 401(k) will be redeemed during the next open trading window, the filing said.
In addition, Zumwalt will get $946,824, the value of the accumulated benefits payable to him under the company's key employee capital accumulation plan and $16,003as compensation for accrued but unused paid time off, the filing said. He will be reimbursed $20,000 for legal fees incurred with negotiation and review of the agreement.
He agreed to make himself available to consult with the company for three months in return for a $135,000 consulting fee. If the company needs his consulting services after three months, he'll get a per diem payment of $3,000 per day.
In return, Zumwalt agreed not to compete against PBS&J for two years.
Zumwalt resigned in the midst of an internal investigation at PBSJ Corporation into alleged violation of the Foreign Corrupt Practice Act. The internal probe is focused on the PBS&J International Inc. subsidiary. Zumwalt served as president of the international subsidiary until July, according to the article.
Meanwhile, a St. Petersburg (Florida) Times article that came out this morning claims that the employee-owned firm has stopped workers from buying or selling company stock while it considers overtures from outsiders.
Investors and competitors have expressed preliminary interest in buying a stake in PBSJ Corporation or acquiring the company, chairman Robert Paulsen wrote in an e-mail to employees last week. The company has signed nondisclosure agreements with potential suitors and can't say if negotiations are taking place or with whom, he wrote.
Securities laws prohibit companies from engaging in stock transactions without disclosing information that could influence an investor's decisions to buy or sell the stock.
Employees holding more than 20 percent of PBSJ shares indicated they wanted to sell their shares when the annual "window" for stock transactions was scheduled to open March 17.
Stay tuned.
Ed
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