The board of directors of STV Group Inc., an engineering, architecture and construction management company with 1,700 employees, has announced the appointment of Dominick M. Servedio, P.E., as executive chairman, and Milo E. Riverso, Ph.D., P.E., as president and chief executive officer, effective immediately.
As executive chairman, Servedio will remain chair of the board of directors, and he will focus his attention on seeking long-term strategic business opportunities, expanding STV's markets, and finding opportunities to build greater shareholder value. Servedio has served as chairman and CEO for the past decade.
Riverso will assume full responsibility for the daily operations of STV and work to position the company to achieve its short- and long-term strategic goals. He will also work in tandem with Servedio on strategic planning issues. Riverso's emphasis will be on business operations, financial performance, business development, technology and human capital. He has served as president and chief operating officer for the past two years and was appointed to the STV board earlier this year.
"Our strategic plan sets forth a vision for success in a highly competitive national and global marketplace," said Servedio. "These executive changes pave the way for a smooth transition of executive responsibilities and ensure that we maintain a competitive edge as we approach a second century of growth."
"This is an exciting time for STV and I am honored to become chief executive officer and take on the challenges of this position," said Riverso, who joined STV as a senior vice president in 2005 and became executive vice president in 2006.