NEW YORK CITY—Skanska ABhas named Richard Cavallaro an EVPof Skanska AB and president and CEO of Skanska USA, overseeingthe company's US construction operations, which had combinedrevenue in 2013 of nearly $7 billion. Cavallaro, who also willbe a member of Skanska AB's senior executive team,succeeds Michael McNally who previouslyannounced plans to retire from the same role at the end ofthe year.

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Michael Cobelli steps into Cavallaro'srole as president and CEO of the Skanska USA Civilbusiness unit. Both Cavallaro and Cobelli are Skanskaveterans. Cavallaro has been with Skanska since 1996 and hasled the civil business unit for the past five years doubling itsrevenue and tripling its profit. Under hisleadership, USA Civil expanded its geographic footprint,shifted from a regional player to a national competitor, became a significant force in the power and industrial spaceand consistently achieved the company's best safety record.

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"Rich has a deep understanding of our clients' needs; a trackrecord of strategic leadership; depth of knowledge; and astraight-forward communications approach,” says McNally. “Addingall of that to his ability to consistently drive results makes mecertain that he will continue to strengthen our US operations."

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As president and CEO of Skanska USA Inc., Cavallarowill be responsible for Skanska's US construction operationsincluding USABuilding, which specializes in buildingconstruction, and USA Civil, which is focused on civilinfrastructure. He will be one of nine members of SkanskaAB's Senior Executive Team responsible for global operations.

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McNally is retiring after 35 years in construction and six yearsas Skanska's US leader. During his tenure, McNally transformed thebusiness into a powerful brand and it grew to become the second largest domestic building contractor and the thirdlargest domestic heavy civil contractor.

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"It is an honor to lead our tremendous team of employees andthis great company. I'm committed to building on Mike's legacy ofOne Skanska and working together to innovate and deliver for ourclients," says Cavallaro. "Mike has been a great partner andmentor. Because of his relentless focus on our values and advocacyfor safety and sustainability, we are known not just as asuccessful company but a company that cares about its people andour communities."

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"It has been a privilege and a pleasure to be part of theSkanska familyto be part of a team of smart, proud, hardworkingpeople who have built some of the world's most complex andimportant structures," says McNally. "I feel lucky that Icould contribute to the growth of a company that has done so muchto improve the communities where we live and work. I see nothingbut potential for Skanska on the horizon."

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USA Civil COO Michael Cobelli moves into the roleof president and CEO of USA Civil. Cobelli has been withSkanska for his entire 30-year career, with a strong focus onproject execution. He has been involved in constructing some of themost complex and high-profile heavy civil construction projects inthe US.

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Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.