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Parsons Corporation has appointed John Martinez as chief legal officer, effective February 16, 2026, succeeding Mike Kolloway, who will retire in the second quarter of 2026. Kolloway will serve as an advisor until his retirement.

Parsons' stock is currently under pressure, dropping 8.64% in the last week and 34.74% year-to-date. The leadership change comes as Parsons continues operations in national security and global infrastructure technology markets.

Recently, Parsons secured a position in the U.S. Air Force's Comprehensive Construction & Engineering Multiple Award Task Order Contract, valued at up to $15 billion. Additionally, Sealing Technologies, a Parsons subsidiary, received a contract modification for its Joint Cyber Hunt Kit from the Department of Defense. Jefferies reduced its price target for Parsons from $90 to $75, while TD Cowen upgraded the stock from Hold to Buy, despite also lowering its price target.