Raleigh-based Clancy & Theys Construction Company president David T. “Tim” Clancy and executive vice-president Joel T. “Tick” Clancy have announced a multi-year succession plan for the company.
The business was founded in 1949 by brothers-in-law E.I. Clancy and John Theys. Clancy’s sons Tim and Tick assumed management of the company in 1986.
Continuing the family company tradition, leadership and primary ownership now transfers to the next generation, and will include the addition of six current non-Clancy family member employees and three Clancy family member employees on the ownership team.
“It’s time to pass the baton,” said Tim Clancy. “Our team has spent considerable time and effort to assure a smooth transition. To foster the continued success of Clancy & Theys not only at our headquarters in Raleigh but also in our offices in Charlotte, Wilmington, Virginia and Orlando, we feel it is in the company’s best interest to select a number of family and non-Clancy family members to take some ownership of the firm. We’re excited to announce this new ownership team.”
The next generation of initial family owners will include Tom Clancy, Teddy Clancy and Evan Sturm. Initial non-family owners will include vice-president John Andras; Becky Carter, controller and corporate secretary; Baker Glasgow, vice-president of construction; Bill Goggins, vice-president and CEO, Virginia division; senior project manager Chad Cowger; and project manager Fleming Herring.
“This plan in no way indicates that Tick and I intend to lessen our involvement in the immediate future,” said Tim Clancy. “We recognize the importance of a smooth transition. Clancy & Theys remains a “family” business—both in name and in practice, including numerous dedicated, non-family employees vested in our future.
“We were honored to fulfill our father and uncle’s vision and guide the company as it flourished. They are the inspiration behind all Clancy & Theys has accomplished in the last 68 years. Now, the pieces are in place to promote that vision and ensure the future success and growth of the company.”