Thornton Tomasetti, one of the city’s largest engineering and design firms, has tapped two new CEOs as part of a broader reorganization of the company.
Managing director Peter DiMaggio and managing principal Michael Squarzini will become the company’s co-CEOs, starting in January 2020, the firm announced on Tuesday. Tom Scarangello, who has been with the company since 1979, will step down as CEO and assume the role of executive chairman.
“I’m always going to be a working chairman,” Scarangello told The Real Deal. “This really allows me to take my 40 years of experience and employ it at a higher, strategic level.”
The management shakeup is part of a five-year plan aimed, in part, at international expansion and technological innovation. Squarzini said company will focus on incorporating artificial intelligence and machine learning into its practices, and will explore opportunities in Australia, Europe and China.
“We follow clients, and we follow markets where we think there are opportunities for our practices,” he said.
This year marks the end of the company’s last five year plan, which included major changes like its merger with Weidlinger Associates in 2015. The combined firms now have 1,500 people across more than 50 offices.
As part of the management shift, Wayne Stocks, Washington D.C.-based managing director, will become president. The current president, Raymond Daddazio, will become a senior consultant with the company. This year, Thornton Tomasetti is celebrating its 70th year of business at the Shed in Hudson Yards, one of its latest projects in the city.