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Qorvo Inc. (QRVO)
Headquartered in Greensboro, North Carolina, Qorvo was created by the merger of TriQuint Semiconductor and RF Micro Devices. Qorvo is a semiconductor company, that designs, manufactures, and supplies radio-frequency systems for wireless, wired, and power markets internationally.
On August 3, 2022, Qorvo reported results for the fiscal 2023 first quarter ended July 2, 2022. According to the press release, on a GAAP basis, revenue for Qorvo’s fiscal 2023 first quarter was $1.04 billion, gross margin was 36.2%, operating income was $102 million and diluted earnings per share was $0.65.
Grant Brown, who was the interim chief financial officer of Qorvo at the time of the announcement, said, “Qorvo’s September quarterly guidance reflects incremental weakness in the broader smartphone market and relative strength in other end markets including defense and power. Looking forward, we will continue to drive productivity, and we are taking steps to improve our inventory position, including reducing factory utilization. We remain well-positioned for growth and expect to generate strong free cash flow in FY23.”
On August 29, 2022, Grant Brown was appointed as Chief Financial Officer of Qorvo, after having served as the Interim Chief Financial Officer for four months, since April 18, 2022 and as the company’s Vice President of Treasury since October 2018.
Bob Bruggeworth, president and chief executive officer of Qorvo, said, “We are pleased to announce that Grant has been appointed CFO. Grant has broad experience and expertise leading finance teams, and he deeply understands our company and strategic vision. He has been a significant contributor to Qorvo over many years, and I look forward to continuing to work with him as we drive Qorvo’s growth and profitability.”
Like many semiconductor companies, Qorvo looks attractive at this phase of the cycle with 18% net income margin and trading at 8 times EBTIDA. Unfortunately revenue growth is expected to slow down to the low single digits going forward. EPS estimates for fiscal 2023 ended March 2023 are $8.18 per share and for fiscal 2023 they are surprisingly high at $10.41 per share.
Welcome to edition 4 of C-Suite Transitions, a new weekly series that tracks appointments and departures at publicly traded companies during the prior week. We highlight five appointments and departures each week by picking the largest companies from the full list of management changes.
You can find all the appointments and departures listed below in our C-Suite Transitions tool.
1. Apollo Global Management (APO): $55.58
On August 30, 2022, Apollo Asset Management, announced that Byron Vielehr has been appointed Chief Operating Officer of the company, effective September 30, 2022.
Since 2013, Byron Vielehr has been an officer at Fiserv, a leading Payments and Fintech provider. Previously, he served as Chief Growth Officer since January 2021 for a tenure of 1 year and 8 months.
| MarketCap: $31.46B | Avg. Daily Volume (30 days): 2,242,308 | Revenue (TTM): $5.29B |
| Net Income Margin (TTM): -45.75% | ROE (TTM): -36.97% | Net Debt: $195.49B |
| P/E: -9.26 | Forward P/E: 10.82 | EV/EBIDTA (TTM): -15.39 |
| P/S (TTM): 2.21 | P/B (TTM): 8.66 | 52 Week Range: $45.67 – $72.96 |
2. Qorvo Inc. (QRVO): $89.78
On August 26, 2022, the Board of Directors of Qorvo, appointed Grant A. Brown as Chief Financial Officer of the company, effective August 29, 2022.
Grant A. Brown, has served as the company’s Interim Chief Financial Officer since April 18, 2022, and as the company’s Vice President of Treasury since October 2018 for tenure of 3 years and 10 months.
| MarketCap: $9.47B | Avg. Daily Volume (30 days): 1,244,044 | Revenue (TTM): $4.57B |
| Net Income Margin (TTM): 17.87% | ROE (TTM): -1.35% | Net Debt: $1.19B |
| P/E: 12.06 | Forward P/E: 11.71 | EV/EBIDTA (TTM): 7.85 |
| P/S (TTM): 2.25 | P/B (TTM): 2.25 | 52 Week Range: $90.16 – $190.06 |
3. Sunpower Corp (SPWR): $24
On August 26, 2022, Sunpower Corporation commenced a search process for a new chief financial officer and has appointed Guthrie Dundas as an interim chief financial officer, effective August 29, 2022.
Dundas has served as the company’s vice president, project finance, since March 2020 for a tenure of 2 years and 5 months and also as its treasurer since July 2020.
| MarketCap: $4.20B | Avg. Daily Volume (30 days): 3,237,665 | Revenue (TTM): 1.59B |
| Net Income Margin (TTM): -9.75% | ROE (TTM): -44.45% | Net Debt: $73.85M |
| P/E: -33.76 | Forward P/E: 80.00 | EV/EBIDTA (TTM): -152.38 |
| P/S (TTM): 2.69 | P/B (TTM): 10.40 | 52 Week Range: $12.78 – $34.61 |
4. Community Bank System (CBU): $65.38
On August 25, 2022, Community Bank System announced that Dimitar Karaivanov, Executive Vice President of Financial Services and Corporate Development has been appointed as the company’s and the Bank’s EVP and Chief Operating Officer effective October 1, 2022.
He has served as the company’s and the Bank’s EVP of Financial Services and Corporate Development since June 2021. Prior to joining the Company, he served as Managing Director of Lazard Middle Market’s Financial Institutions Group from June 2018 through June 2021.
| MarketCap: $3.54B | Avg. Daily Volume (30 days): 156,056 | Revenue (TTM): $636.22M |
| Net Income Margin (TTM): 27.63% | ROE (TTM): 9.44% | Net Debt: $114.82M |
| P/E: 20.24 | Forward P/E: N/A | EV/EBIDTA (TTM): N/A |
| P/S (TTM): 5.56 | P/B (TTM): 2.13 | 52 Week Range: $60.94 – $77 |
5. Fluence Energy (FLNC): $19.95
On August 26, 2022, the Board of Directors of Fluence Energy, appointed Manavendra (Manu) Sial, as Senior Vice President and Chief Financial Officer of the Company and as the Company’s principal financial officer, to replace Dennis Fehr, effective as of September 15, 2022.
| MarketCap: $3.25B | Avg. Daily Volume (30 days): 1,424,860 | Revenue (TTM): $944.83M |
| Net Income Margin (TTM): -24.27% | ROE (TTM): -110.48% | Net Cash: $889.1M |
| P/E: 2.32 | Forward P/E: N/A | EV/EBIDTA (TTM): -9.34 |
| P/S (TTM): 0.42 | P/B (TTM): 4.78 | 52 Week Range: $4.96 – $39.40 |
1. Light & Wonder Inc (LNW): $49.23
Barry Cottle has informed the Board of Directors of Light & Wonder, that he will resign as President and Chief Executive Officer and as a member of the Board, effective as of August 30, 2022
He served as President and CEO of Light & Wonder for a period of 4 years and 4 months.
| MarketCap: $4.78B | Avg. Daily Volume (30 days): 480,201 | Revenue (TTM): $2.30B |
| Net Income Margin (TTM): 156.13% | ROE (TTM): 7.69% | Net Debt: $3.03B |
| P/E: N/A | Forward P/E: 1.44 | EV/EBIDTA (TTM): 12.68 |
| P/S (TTM): 2.21 | P/B (TTM): 6.03 | 52 Week Range: $41.48 – $90.20 |
2. Sunpower Corp (SPWR): $24
On August 26, 2022, Manavendra S. Sial notified SunPower Corporation of his intent to voluntarily resign his employment as the executive vice president and chief financial officer of the company.
| MarketCap: $4.20B | Avg. Daily Volume (30 days): 3,237,665 | Revenue (TTM): 1.59B |
| Net Income Margin (TTM): -9.75% | ROE (TTM): -44.45% | Net Debt: $73.85M |
| P/E: -33.76 | Forward P/E: 80.00 | EV/EBIDTA (TTM): -152.38 |
| P/S (TTM): 2.69 | P/B (TTM): 10.40 | 52 Week Range: $12.78 – $34.61 |
3. Northwestern Corp. (NWE): $52.98
On August 31, 2022, NorthWestern Corporation d/b/a NorthWestern Energy (NWE) announced that Heather Grahame, General Counsel, and Vice President – Regulatory and Federal Government Affairs, informed the company that she will retire from her position as of January 1, 2023.
Heather Grahame served as General Counsel and Vice President – Regulatory and Federal Government Affairs since August 2010 for a period of 12 years.
| MarketCap: $3.05B | Avg. Daily Volume (30 days): 434,116 | Revenue (TTM): $3.07B |
| Net Income Margin (TTM): 12.61% | ROE (TTM): 7.56% | Net Debt: $2.52B |
| P/E: 16.23 | Forward P/E: N/A | EV/EBIDTA (TTM): 12.30 |
| P/S (TTM): 2.12 | P/B (TTM): 1.25 | 52 Week Range: $51.93 – $62.88 |
4. Life Time Group Holdings (LTH): $11.85
On August 29, 2022, Life Time Group Holdings, announced that, on August 26, 2022, Thomas E. Bergmann, who has served as the company’s President and Chief Financial Officer since February 2016, for a period of 6 years 6 months gave notice of his intention to retire from the company on December 31, 2022, and to relinquish his position as Chief Financial Officer effective as of August 28, 2022.
| MarketCap: $2.27B | Avg. Daily Volume (30 days): 351,438 | Revenue (TTM): 1.60B |
| Net Income Margin (TTM): -24.42% | ROE (TTM): -22.44% | Net Debt: $3.90B |
| P/E: -5.58 | Forward P/E: N/A | EV/EBIDTA (TTM): -38.53 |
| P/S (TTM): 1.42 | P/B (TTM): 1.09 | 52 Week Range: $10.53 – $23.37 |
5. Primo Water Corporation (PRMW): $13.14
On August 30, 2022, Primo Water Corporation announced the planned retirement of Jay Wells, Chief Financial Officer of the company, effective April 1, 2023.
Jay Wells served as Chief Financial Officer since 2012 for a period of 11 years and 1 month. Prior to joining Primo, Wells held various senior finance positions with Molson Coors from 2005 to 2012, including Chief Financial Officer of Molson Coors Canada, a subsidiary of Molson Coors Brewing Company, and Global Vice President, Treasury, Tax, and Strategic Finance of Molson Coors Brewing Company.
| MarketCap: $2.18B | Avg. Daily Volume (30 days): 1,213,117 | Revenue (TTM): $2.17B |
| Net Income Margin (TTM): -0.64% | ROE (TTM): -1.07% | Net Debt: $1.60B |
| P/E: N/A | Forward P/E: 20.79 | EV/EBIDTA (TTM): 10.23 |
| P/S (TTM): 1.01 | P/B (TTM): 1.72 | 52 Week Range: $12.09 – $18.34 |
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