Parsons is changing its finance leadership: Matt Ofilos will leave as chief financial officer on Nov. 6 to pursue another professional opportunity. The board has appointed former CFO George Ball, now a Parsons director, as interim CFO while it searches for a permanent successor.
Parsons said Ofilos’ departure is not related to a disagreement over the company’s operations, policies or practices.
Key details
- Transition date: Ofilos notified the company of his decision on Oct. 23. Ball’s interim appointment takes effect Nov. 6, the same day Ofilos’ resignation becomes effective.
- A familiar hand at finance: Ball was Parsons’ CFO from 2008 to 2022 and joined the board after retiring from that role. He joined Parsons in 1995 and held financial and operational leadership positions before becoming CFO.
- Board role continues: Ball will remain on the board while serving as interim CFO. He does not serve on any board committees.
- Interim compensation: Ball will receive restricted stock units valued at $2.4 million for his interim service. The award is scheduled to vest after one year, with the amount vesting prorated according to how long he actually serves as interim CFO during that period. He will receive no additional cash or equity compensation for his board service while in the interim role.
- Permanent successor: The board plans to conduct a search for a permanent CFO. No timing for that appointment was given.
- Business context: In a separate third-quarter update issued the same day, Parsons described its results as strong, reaffirmed the midpoint and narrowed its full-year 2026 revenue and adjusted EBITDA guidance ranges, and reiterated its operating cash flow guidance range.
Plain-English implications
The transition puts a former CFO with long experience at Parsons back in charge of finance on an interim basis, while leaving the permanent appointment unresolved. Ball’s continued board membership means he will hold both a board seat and the CFO role during the interim period.