Gray Construction Names New CEO and Becomes an ESOP

Gray Construction and its holding company, Gray, Inc., has named Stephen Gray chief executive officer. Stephen has served as president and chief operating officer since June of 2009 and has stepped into the position previously held by his brother, Jim Gray.

Jim was elected mayor of Lexington, Kentucky a city of over 270,000 residents. Jim served as president and chief executive officer since 2009 and will remain chairman.

Gray Construction has also announced it is now 20 percent employee-owned through its employee stock ownership plan (ESOP) as of January 1 of this year. Founded in 1960, Gray celebrated its 50^th anniversary last year as a family-owned design-build construction company. 

“When our parents started the company, they wanted each team member to feel like a member of the family,” said Stephen Gray, president and CEO.  “By establishing an ESOP, we’ve truly established a succession plan that extends beyond the Gray family. Our team members work hard to make Gray successful and the ESOP will allow us to continue this success far into the future.”

Recent projects for Gray include a 277,000 s.f. Nacelle manufacturing facility for Siemens Energy Inc. in Hutchinson, KS; a 850,000 s.f. manufacturing facility for Caterpillar, Inc. in Winston-Salem, NC; a 1,000,000 s.f. manufacturing facility for Whirlpool Corporation in Cleveland, TN; and a 50,000 s.f. expansion for McCormick & Company Inc. in South Bend, IN.

Gray’s services include programming, planning, site selection, engineering, design and construction, and equipment installation services. Gray is consistently ranked among the top ten contractors in the automotive, distribution, food and beverage and manufacturing markets across the nation.