Los Angeles and California is losing another business to Texas. This is just one more in a long line of businesses and people fleeing the State. At this point it is just the headquarters that is moving. You can bet once settled in Dallas the rest of the firm will be drinking long neck beers as well.
“Downtown-based infrastructure consulting giant AECOM announced Aug. 17 that it will relocate its corporate headquarters to Dallas as of Oct. 1.
The company said it intends to keep its downtown Los Angeles office but that Chief Executive Troy Rudd and other C-suite executives will be heading to Texas. The announcement did not say how many executives would move.
AECOM, which was founded in Los Angeles in 1990 out of a merger of five architectural and engineering consulting companies, became a behemoth nearly a decade ago through the acquisition of consulting giant URS Corp.Not only has L.A. lost many very high paying jobs, tax revenues and sales to local businesses, charities have lost as well. The executives will now donate to Dallas charities instead of California charities. Oh, and the executives will get an immediate 13% raise in pay—no income tax to pay! Watch as more vendors to AECOM also move to Texas, to be near the HQ of the firm that buys their products and services.
AECOM to Relocate Headquarters to Dallas
By Howard Fine, Los Angeles Business Journal, 8/17/21
Downtown-based infrastructure consulting giant AECOM announced Aug. 17 that it will relocate its corporate headquarters to Dallas as of Oct. 1.
The company said it intends to keep its downtown Los Angeles office but that Chief Executive Troy Rudd and other C-suite executives will be heading to Texas. The announcement did not say how many executives would move.
AECOM, which was founded in Los Angeles in 1990 out of a merger of five architectural and engineering consulting companies, became a behemoth nearly a decade ago through the acquisition of consulting giant URS Corp.
By 2017, AECOM had annual revenue of $20 billion and nearly 90,000 global employees, making it the world’s largest engineering design firm by revenue.
But after a battle with an activist investor hedge fund concerned about low margins and rates of shareholder return, AECOM sold off major portions of its business. By 2020, the company had shrunk to $13 billion in revenue and roughly 57,000 employees.
AECOM has long had a presence in Texas, with several offices. It has had a regional headquarters in Dallas for several years; in 2017, the company moved the regional headquarters to another location within Dallas. That complex that will now serve as AECOM’s global headquarters.
The relocation is the latest in a series of bold moves by Rudd since taking over as CEO last August.
Rudd, who previously served as the company’s chief financial officer, announced a management restructuring immediately after taking the reins. Then in December he consolidated the company’s headquarters from Century City to downtown, in what can now be seen as a short-term move.
