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John Rakolta III named president of construction giant Walbridge

A third generation of Rakoltas is rising through the ranks at Walbridge Group.

John Rakolta III, 40, has been named president of the Detroit-based company and will continue to serve as chief administrative officer as well, the firm announced Tuesday.

He is the son of John Rakolta Jr., the company’s former chairman and CEO who is now the ambassador to the United Arab Emirates. Rakolta in 1993 succeeded his father, John Rakolta Sr., who had been with the company since 1946.

A press release says Rakolta III is the first family member to be Walbridge president in nearly 30 years.

“A couple of the things my father instilled in me are loyalty and reliability,” the younger Rakolta said in a statement. “In a world where the idea of normal is rapidly changing, it’s important for our customers, suppliers and team members to know there is security in Walbridge’s consistency. This organization will build upon our legacy of hard work, safety and making a positive difference in the communities where we live and work.”

Walbridge’s CEO is Mike Haller. The promotion puts Rakolta III second in command.

Rakolta III’s tenure with the company has also included time as its CFO, group president and executive vice president. He was named EVP and CAO in May 2016.

Rakolta earned a Bachelor of Science in building construction management from Purdue University and a Master of Science in real estate finance and investment from New York University. He is also a graduate of Harvard Business School’s Executive Leadership Development program.


Posted By: Crain’s Detroit Business on January 12, 2021.  For more information, please click here to read the source article.

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