MTRX · Matrix Service Company

Matrix Service Company announced the departures of two senior executives as part of broader organizational changes following the appointment of Shawn P. Payne as CEO, effective July 1, 2026. CFO Kevin Cavanah will remain in his role until the earlier of one week after the filing of the FY2026 10-K or termination without cause, facilitating an orderly transition while an external search for his replacement is conducted. The new CFO will be based in Houston, aligning with the CEO's location. CAO Nancy Austin steps down on May 7, 2026, with her responsibilities redistributed to other executives; no replacement will be appointed. Both separations are not due to any disagreements with the company. The separation agreements include lump sum cash payments ($771,000 for Cavanah, $608,345 for Austin), 18 months of COBRA coverage, and equity vesting provisions. These changes signal a strategic shift in leadership structure as the company prepares for new CEO leadership.