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New Weitz CEO hopes to lead business to next level

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How does someone with a financial background know anything about constructing a building? Craig Damos, CEO of the Weitz Co. since June 1, is the first to admit he doesn’t know how to build a building, but that doesn’t mean he can’t run a construction company.

“I’ve surrounded myself with people who understand how to build buildings,” said Damos. “My job is to grow the business.”

With many high-level management officials having around 30 years of experience in the building industry, the company providing full-service general contractors, design builders, and construction managers for many projects in the U.S. decided a financial leader would be the key to enhancing the business when former CEO Glen DeStigter decided to retire. Damos, fluent in business strategy especially from a financial standpoint, was a top candidate, even with only six years of experience at Weitz.

“He’s been willing to learn the business and listen to the people who were already here,” said Chris Jensen, senior vice president of human resources for Weitz. “I think that established a lot of credibility with people.”

Before coming to Weitz, Damos was a consultant for the company through McGladrey & Pullen. A certified public accountant with a bachelor’s degree in business from the University of Iowa, Damos worked for 20 years in accounting and financial consulting for McGladrey, starting in his hometown of Davenport and later relocating to Des Moines. When he heard about an opening for a strategic financial officer at Weitz, Damos decided “it was time to get off the bleachers and into the field.” He joined the company in 2000.

After four years of working to form new businesses within Weitz, Damos asked to take charge of five groups and help develop them into strong entities within the company. He was named senior vice president and vertical growth officer.

In his new role, Damos takes the reins of a family-owned business with more than 150 years of history. Started in 1855 by Charles H. Weitz, the construction company started out installing windows in the Savery House, building a saloon and saddlery, and putting up fences during slow times. Charles Weitz even entered the coal mining business, but returned to construction shortly after.

A century and a half later, Weitz ranked as the 19th largest building contractor and 37th largest contractor in the U.S. with revenues around $1 billion in 2004. As of May 2005, Weitz had maintained 244 straight months of profitability. Projects in greater Des Moines include the Iowa Events Center, Des Moines public library, and Capitol Square.

“This is a great company,” said Damos. “Glen has done a wonderful job over the last 23 years, so it’s a tough act to follow.”

Rather than being intimidated by heading a long-standing company, Damos admires the company’s good reputation and ability to stay strong through multiple generations of the Family. As an employee-owned business, he feels a responsibility to uphold that tradition as well as lead it to the next level.

“Craig understands and thoroughly supports core values of who Weitz is,” said De Stigter, “and intends to maintain those core values, so in the future, Weitz looks similar to people in how we act and treat clients as the way we have in the past.”

Jensen also believes Damos will be able to hold together the autonomous units of a nationwide company and lead them in a direction that exudes the company’s values of honesty, integrity, and respect.

“I see Craig with a very high focus on employees and clients,” said Jensen, “and how they really work together as a team to make us an effective customer service organization.”

Damos would like to make his mark in enhancing customer service relations by developing the skills of talented employees.

“We really attract the best and the brightest,” said Damos, “but we also have the obligation to develop these people.”

He will help create a curriculum that will train and develop committed employees. In the process, Weitz may add up to 120 employees.

“I think he’s got a real sense in building teams,” said Jensen. “I think he’s going to enhance the organization in terms of service, productivity, and accountability.”

As a strategic planner for Weitz, Damos also wants to expand the number of projects in areas including continue-care retirement campuses and health care facilities, already a strong focus for the company ranked as the 15th largest construction company in health care in 2003. Over its history, Weitz has built 169 senior living projects in 30 states totaling $2.3 billion. He also sees opportunities to expand in industry, especially in development of biodiesel and ethanol facilities.

“Craig has been at the highest level potentially giving him a broad perspective of who Weitz is and how we work and some ideas on how a company such as this moves forward,” said De Stigter. “His financial experience and acumen will be a major asset to him.”

To help ease the transition, De Stigter, who has led Weitz since 1992, will continue to work with Damos full-time as chairman of the board.

Outside the office, Damos enjoys spending time with his wife, Sue, and two children, Ashley and Brett. Ashley graduated from Iowa State University and works in advertising in Houston, Texas. Brett, a senior at Valley High School, will attend the University of Iowa next year.

Damos served as chair of the board of directors for Anawim Housing, an organization dedicated to providing safe and affordable housing for Des Moines families, and continues to volunteer. He also tries to make it to the golf course often, using it as a chance to unwind rather than conduct business.

But he finds his greatest excitement in rising up to the challenges he faces at work and looks forward to building upon Weitz’s tradition.

“If I was going to ride off into the sunset,” said Damos, “what I’d like to be remembered as is a CEO who took the talent that was provided and developed it in such a way that we could continue on for generations as a great company.”

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