TULSA, Okla., Feb. 04, 2026 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX), a leading con...


TULSA, Okla., Feb.  04, 2026  (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX), a leading contractor to the energy and industrial markets across North America, in connection with the Board’s succession planning, has announced the appointment of Shawn P. Payne as Chief Operating Officer, effective immediately. He will assume the role of President and Chief Executive Officer when John R. Hewitt, a director and the Company’s President and Chief Executive Officer, steps down from his roles effective June 30, 2026.   “The Board thanks John for his many years of leadership of Matrix and wishes him all the best as he enters this next chapter of life,” said John D. Chandler, Chair of the Board. “During his tenure he expanded the scope and market capabilities of the company and transformed the Company from one primarily focused on oil storage, to its current position as a leading EPC industrial contractor across diverse, high growth energy and industrial markets. He has spent the last several years repositioning the Company to come back stronger than ever, with his efforts leading to significant backlog and a clear pathway to a profitable future going forward.  “As part of our formal succession planning, we are very pleased to announce Shawn as the incoming President and Chief Executive Officer beginning in fiscal 2027. John has worked alongside Shawn for over 25 years, first at a previous employer, and later by recruiting him to Matrix in 2012. We look forward to Shawn leading Matrix in its next phase of value creation.”  As part of the Company’s transformation, Mr. Payne was recently named President of Engineering & Construction for Matrix Service Company. He previously served as President, Matrix Service Inc., and before that, he served in other leadership roles for Matrix Service including as Senior Vice President, Operations, Senior Vice President of Finance and Business Services, and Vice President of Business Services.  Mr. Payne joined the Company in 2012 as the Division Manager in Tucson, AZ, leading the Company’s entry into the mining and minerals business. Prior to joining Matrix, Mr. Payne held leadership roles in operations, finance and project controls with Aker Solutions/Kvaerner, and Jacobs.  ABOUT MATRIX SERVICE COMPANY.   Matrix Service Company (Nasdaq: MTRX) is a leading specialty engineering and construction company whose commitment to safety, quality, and integrity has earned the Company a leadership position in providing infrastructure solutions across multiple end markets. Our work is foundational to helping our energy and industrial clients achieve their objectives, positively impact quality of life through the products they provide and improve the efficiency and resilience of their critical infrastructure. We pride ourselves on our commitment to our culture and core values, offering an inclusive and respectful work environment, and being certified as a Great Place To Work®.  The Company is headquartered in Tulsa, Oklahoma with offices located throughout the United States and Canada, as well as Sydney, Australia, and Seoul, South Korea. The Company reports its financial results in three key operating segments: Storage and Terminal Solutions, Utility and Power Infrastructure, and Process and Industrial Facilities.  To learn more about Matrix Service Company, visit matrixservicecompany.com.  This release contains forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are generally accompanied by words such as “anticipate,” “continues,” “expect,” “forecast,” “outlook,” “believe,” “estimate,” “should” and “will” and words of similar effect that convey future meaning, concerning the Company’s operations, economic performance and management’s best judgment as to what may occur in the future. Future events involve risks and uncertainties that may cause actual results to differ materially from those we currently anticipate. The actual results for the current and future periods and other corporate developments will depend upon a number of economic, competitive and other influences, including those factors discussed in the “Risk Factors” and “Forward Looking Statements” sections and elsewhere in the Company’s reports and filings made from time to time with the Securities and Exchange Commission. Many of these risks and uncertainties are beyond the control of the Company, and any one of which, or a combination of which, could materially and adversely affect the results of the Company's operations and its financial condition. We undertake no obligation to update information contained in this release.  
            

MTRX

Matrix Service Company Announces CEO Transition

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>TULSA, Okla., Feb. 04, 2026 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX), a leading con...</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>Matrix Service Company has appointed Shawn P. Payne as Chief Operating Officer, effective immediately, and he will become CEO on June 30, 2026. This leadership transition, following John R. Hewitt&#039;s significant transformation of the company, signals a continuation of growth and profitability in diverse energy markets, favoring MTRX&#039;s strategic position.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>Shawn P. Payne appointed COO, effective immediately.</li><li>Payne to become CEO when John R. Hewitt retires June 30, 2026.</li><li>Hewitt transformed MTRX from oil storage to diversified contractor.</li><li>Payne has extensive experience, promoting growth in energy markets.</li><li>Matrix&#039;s backlog suggests a profitable future under new leadership.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Aker Solutions (AKRDY)</strong>: Mr. Payne previously held leadership roles here.</li><li><strong>Jacobs Engineering (J)</strong>: Mr. Payne&#039;s experience with Jacobs strengthens his industry insights.</li></ul>
  </section>

  <section data-block="category">
    <h3>Corporate Developments</h3>
    <p>This announcement falls under Corporate Developments, highlighting significant changes in leadership that affect future strategy and market positioning for MTRX, thus closely influencing investor perceptions.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>Shawn P. Payne&#039;s promotion indicates continuity in MTRX&#039;s growth strategy.</li><li>John R. Hewitt&#039;s retirement may influence investor sentiment positively.</li><li>Significant backlog points to strong revenue potential in coming quarters.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Shawn P. Payne joined MTRX in 2012.</li><li>John R. Hewitt will retire on June 30, 2026.</li><li>MTRX operates in energy and industrial markets across North America.</li><li>The company&#039;s backlog has significantly increased in recent years.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>MTRX is likely to appreciate as leadership changes signify a positive growth trajectory.</p>
  </section>
</section>


<article>
    <h2>Matrix Service Company Announces CEO Transition</h2>
    <p>TULSA, Okla., Feb. 4, 2026 (GLOBE NEWSWIRE) – Matrix Service Company (Nasdaq: MTRX), a prominent contractor serving the energy and industrial markets in North America, has revealed a key leadership transition. In conjunction with the Board’s succession planning, the Company announced the immediate appointment of <strong>Shawn P. Payne</strong> as Chief Operating Officer. Effective June 30, 2026, he will also take on the responsibilities of President and Chief Executive Officer, following the departure of <strong>John R. Hewitt</strong> from those roles.</p>

    <section>
        <h3>John R. Hewitt's Legacy at Matrix Service Company</h3>
        <p>The Board expressed gratitude towards John R. Hewitt for his extensive leadership at Matrix, recognizing his contributions to the Company's transformation over the years. <strong>John D. Chandler</strong>, Chair of the Board, stated, “During his tenure, John expanded the scope and market capabilities of the Company, evolving it from a focus primarily on oil storage to its current status as a leading EPC contractor in high-growth energy and industrial markets.”</p>

        <p>Chandler added, “John has spent recent years strategically repositioning Matrix for a robust future, marked by significant backlog and a clear path toward profitability.”</p>
    </section>

    <section>
        <h3>Shawn P. Payne’s Path to Leadership at MTRX</h3>
        <p>Shawn P. Payne, the newly appointed COO, is expected to assume the role of President and CEO as part of a carefully planned succession process. He and Hewitt have a longstanding professional relationship spanning over 25 years, having first worked together at a previous employer before Payne was recruited to Matrix in 2012.</p>

        <p>Prior to his current appointment, Payne served as the President of Engineering & Construction at Matrix. His extensive experience in various leadership roles at Matrix includes positions such as:</p>
        <ul>
            <li>President, Matrix Service Inc.</li>
            <li>Senior Vice President of Operations</li>
            <li>Senior Vice President of Finance and Business Services</li>
            <li>Vice President of Business Services</li>
        </ul>

        <p>Payne joined Matrix Service Company in 2012 as Division Manager in Tucson, AZ, and played a vital role in the Company’s entry into the mining and minerals sector. His prior experience also includes key leadership roles at Aker Solutions and Jacobs, focusing on operations, finance, and project controls.</p>
    </section>

    <section>
        <h3>About Matrix Service Company (MTRX)</h3>
        <p>Matrix Service Company (Nasdaq: MTRX) is a leading specialty engineering and construction company, renowned for its commitment to safety, quality, and integrity. These values have solidified the Company’s leadership in providing infrastructure solutions across various end markets, helping clients achieve their objectives while enhancing the efficiency and resilience of critical infrastructure.</p>
        
        <p>Headquartered in <strong>Tulsa, Oklahoma</strong>, Matrix boasts offices throughout the United States and Canada, with additional locations in Sydney, Australia, and Seoul, South Korea. The Company's operations are segmented into three core areas:</p>
        <ul>
            <li>Storage and Terminal Solutions</li>
            <li>Utility and Power Infrastructure</li>
            <li>Process and Industrial Facilities</li>
        </ul>
        
        <p>To learn more about Matrix Service Company, please visit <a href="https://matrixservicecompany.com">matrixservicecompany.com</a>.</p>
    </section>

    <section>
        <h3>Forward-Looking Statements</h3>
        <p>This release includes forward-looking statements made in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements typically contain words such as “anticipate,” “expect,” and “will,” which indicate future performance and outcomes.</p>
        
        <p>Future events may involve various risks and uncertainties that could result in actual outcomes differing materially from projections. Factors influencing these uncertainties are explored in detail in the Company’s reports filed with the Securities and Exchange Commission. Matrix Service Company assumes no obligation to update the information in this release.</p>
    </section>
</article>

Matrix Service Company has appointed Shawn P. Payne as Chief Operating Officer, effective immediately, and he will become CEO on June 30, 2026. This leadership transition, following John R. Hewitt's significant transformation of the company, signals a continuation of growth and profitability in diverse energy markets, favoring MTRX's strategic position.

Matrix Service Company Announces CEO Transition

AI Summary

Sentiment Rationale

Trading Thesis

Market-Moving

Key Facts

Companies Mentioned

Corporate Developments

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