Construction startup Katerra has named Paal Kibsgaard as its new CEO. The former chief oil executive most recently served as the company’s COO, and will be taking over on July 1. Michael Marks is ‘stepping down’ from the firm he co-founded with Fritz Wolff, who left the board last year, the Wall Street Journal reported.
- Worth Noting: Silver Lake’s Jim Davidson was the third co-founder and remains a member of the board.
- How SoftBank made the move: Katerra said it would receive $200 million in new funding from SoftBank, bringing its total venture funding to more than $2 billion, WSJ noted.
- What they say they do: Katerra seeks to build construction projects faster and at lower costs than traditional firms. The idea was pitched as a one-stop shop for getting a building up off the ground. The firm also sells home-renovation services to apartment owners, and building components (e.g. toilets and kitchen cabinets) to real estate and construction firms.
- What they actually do: Spend through traditional means! Katerra acquired eight general contractors and architecture firms in the past two years, which proves that technology has not been the primary force behind their artificial growth.