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Hill Int'l says CEO Irvin Richter will step down

MARLTON, N.J. (AP) -- Hill International said Friday that Irvin Richter, the only CEO the construction management firm has ever had, will step down at the end of 2014 and will be replaced by his son David.

Hill said Irvin Richter, 69, will remain chairman of the company. David Richter is currently Hill's president and COO, and his new title will be president and CEO. The company said the succession plan has been approved by its board of directors.

Irvin Richter founded Hill International in 1976 and has been the company's only CEO. David Richter, 47, has been president and COO for 10 years.

Shares of Hill rose 1 cent to $4.66.