Centuri Finalizes Complete Separation from Southwest Gas Holdings and Announces Board Leadership Updates
Centuri Holdings, Inc. (NYSE: CTRI) (“Centuri” or the “Company”), a leading utility infrastructure services provider, announced today the successful completion of its final separation from Southwest Gas Holdings, Inc. (“Southwest Gas”). The milestone was achieved following the closing of an offering on September 5, 2025, in which Southwest Gas divested its remaining ownership stake in Centuri by selling 27,362,210 shares of Centuri’s common stock.
This transaction marks the conclusion of a multi-year process that began with Centuri’s initial public offering (IPO) in 2024. By exiting its position entirely, Southwest Gas has completed its transformation into a standalone energy infrastructure business while simultaneously allowing Centuri to operate as a fully independent, publicly traded company. Importantly, Centuri did not issue any new shares of common stock in this transaction and therefore did not receive proceeds from the offering.
A Historic Step Toward Independence
The separation underscores Centuri’s evolution into one of North America’s largest providers of utility infrastructure services, with a focus on supporting natural gas and electric utilities. The move also strengthens the company’s governance structure by ensuring that Centuri is no longer under the ownership influence of Southwest Gas. This independence, according to the company’s leadership, will allow Centuri to focus squarely on its growth trajectory, capital allocation priorities, and shareholder value creation.
“This is a defining moment for Centuri,” said Christian Brown, President and CEO of the Company. “We enter this new chapter as a fully independent public company with both confidence and clarity. Our fundamentals are strong, and we see substantial opportunities across our core gas and electric end markets. The transition allows us to sharpen our strategy, continue building trust with our investors, and deliver predictable earnings growth with a disciplined approach to capital efficiency.”
Brown emphasized that the separation will not disrupt day-to-day operations but rather provide the strategic flexibility needed to accelerate investment in areas of high demand. These include infrastructure modernization, grid resilience, and utility support services—sectors where Centuri has developed a strong reputation over decades of performance.
Leadership Transition: Appointment of New Board Chair
Coinciding with the separation, Centuri also announced significant changes in its corporate governance structure. Effective September 15, 2025, Christopher Krummel has been appointed as the new independent Chair of the Board of Directors, succeeding Karen Haller.
Ms. Haller, who also resigned from the Board’s compensation committee, will continue to serve as a director, providing continuity and leveraging her experience in the utility services space. The company expressed deep appreciation for her leadership during the transition from a Southwest Gas subsidiary to a fully public entity.
Mr. Krummel brings more than three decades of financial executive experience in the energy and construction industries, positioning him well to guide Centuri through its next phase of growth. Having served on Centuri’s Board since its IPO in 2024, he is intimately familiar with the Company’s operations, culture, and long-term vision.
“I am honored to take on this role,” Krummel stated. “Centuri has a strong foundation, a talented leadership team, and a clear strategy. Our Board remains committed to guiding the company with integrity, agility, and a sharp focus on sustainable long-term success. We will continue to prioritize transparency, strategic oversight, and alignment with all stakeholders.”
Building for the Future
The separation provides Centuri with a clean slate to pursue its strategic priorities. As a leading utility infrastructure services provider, the Company specializes in essential projects such as pipeline replacement, electric grid modernization, and system expansion to meet the growing demands of utility customers. These areas are poised for significant growth given the increasing focus on decarbonization, electrification, and the modernization of North America’s aging energy infrastructure.
In particular, Centuri’s capabilities in gas distribution and electric power delivery position it at the center of two critical transitions:
- Natural Gas Infrastructure Modernization: With safety, reliability, and regulatory compliance as top priorities, utilities continue to replace and upgrade gas distribution networks. Centuri’s expertise in large-scale replacement projects allows it to play a central role in this essential work.
- Electric Grid Transformation: The rise of renewable energy, distributed generation, and electric vehicle adoption requires significant upgrades to transmission and distribution systems. Centuri’s electric infrastructure services support utilities in meeting these demands while enhancing resiliency against extreme weather events.
Christian Brown underscored that independence will allow the Company to align its investments directly with shareholder interests, free from the influence of Southwest Gas’s corporate strategy. “Our focus remains squarely on execution, operational excellence, and sustainable value creation. By building consistency and strengthening governance, we are positioning Centuri to capitalize on industry tailwinds while maintaining financial discipline.”
Gratitude for Southwest Gas and Past Leadership
While Centuri celebrates its independence, the Company also acknowledged the role Southwest Gas played in its growth journey. For decades, Southwest Gas supported Centuri’s expansion, providing resources and strategic oversight that enabled the company to scale its operations across North America.
“We are grateful to Southwest Gas for their investment and leadership, which helped establish Centuri as a trusted partner for utility companies,” Brown said. “Their support laid the foundation for the independent, resilient, and high-performing company that Centuri is today.”
The transition also reflects a broader trend in the utility and infrastructure services industry, where companies seek to unlock value by focusing on core competencies. For Southwest Gas, the divestiture allows it to concentrate on its regulated utility business, while for Centuri, the independence provides a platform for direct engagement with investors and customers.
Governance and Shareholder Commitment
The appointment of an independent Chair is a strong signal of Centuri’s commitment to best-in-class governance practices. By separating the roles of Board Chair and CEO, the Company is ensuring that oversight and strategic direction remain distinct from executive management, aligning with investor expectations for transparency and accountability.
Krummel’s financial expertise, particularly in industries closely aligned with Centuri’s operations, adds depth to the Board’s capabilities as the Company navigates capital markets, investment priorities, and growth opportunities. With a governance structure built on independence and accountability, Centuri aims to strengthen its reputation as a responsible steward of shareholder capital.
