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Welcome to edition 11 of C-Suite Transitions, a new weekly series on InsideArbitrage 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.
Owens & Minor, is a 140-year-old global healthcare logistics company, that operates in two segments, Products and Healthcare Services, and Patient Direct.
On October 12, 2022, the company announced changes to its executive leadership team structure. OMI shares dropped more than 31% following the executive leadership changes.
Along with leadership updates, the business lowered its earnings guidance, which is expected to result in a $43 to $73 million fall from initial projections. The company reduced its EPS forecast for the entire year. It now anticipates EPS in a range of $2.50 to $2.60 compared to prior guidance of $2.85 to $3.15. The company completed the acquisition of American Contract Systems in December 2021.
Owens & Minor appointed Andrew Long as EVP and CEO of its Products & Healthcare Services segment. Following the appointment, Mr. Long relinquished his duties and responsibilities as Chief Financial Officer, after having served as Executive Vice President & Chief Financial Officer since joining the company in November 2019. Prior to that, he served as the Chief Executive Officer of Insys Therapeutics. He was a member of the Board of Directors of Insys from April 2019 until his resignation on November 8, 2019. From 2015 to 2017, Mr. Long served as senior vice president of Global Finance at Patheon, a pharmaceutical company. Prior to Patheon, he served as Vice President of Finance for multiple divisions at Thermo Fisher Scientific from 2006 until 2015.
Jeffrey T. Jochims, who is leaving the company, is being replaced by Long. Additionally, Long, who has held the position since joining the company in November 2019, has been replaced as EVP and CFO by Alexander J. Bruni.
As SVP of finance, Bruni began working for Owens & Minor in April 2020. He initially oversaw corporate FP&A, then moved on to oversee the finance department for the products and healthcare services area. He most recently held the position of financial leader for the patient direct division. Bruni previously served as CFO and COO of Centerline Communications and VP of Finance at Patheon, before joining the Owens & Minor team.
Edward Pesicka, Owens & Minor’s President and CEO stated,
“While the Patient Direct segment continues to perform well, the Products & Healthcare Services segment is facing more pressures than previously expected with the unfavorable macro-economic conditions that show no signs of abating, along with elevated customer stocking levels and continued lower than expected hospital procedure volume. Accordingly, the pace of change at Owens & Minor must accelerate and I believe the leadership changes announced today will provide the company with the best opportunity to contend with these headwinds.”
You can find all the appointments and departures listed below in our C-Suite Transitions tool.
1. Fidelity National Information Services (FIS): $76.73
On October 18, 2022, Fidelity National Information Services announced that Stephanie Ferris, current FIS President and 28-year fintech veteran will assume the role of President and Chief Executive Officer, effective January 1, 2023.
| MarketCap: $47.48B | Avg. Daily Volume (30 days): 5,165,577 | Revenue (TTM): $14.39B |
| Net Income Margin (TTM): -5.88% | ROE (TTM): 1.79% | Net Debt: $16.61B |
| P/E: 56.04 | Forward P/E: 10.06 | EV/EBIDTA (TTM): 15.46 |
| P/S (TTM): 3.35 | P/B (TTM): 1.02 | 52 Week Range: $72.37 – $123.85 |
2. Exelon Corp. (EXC): $36.85
Jeanne Jones has been appointed to the position of Executive Vice President and Chief Financial Officer. Jones, has been Exelon’s Senior Vice President, Corporate Finance, since November 8, 2021, and previously served as Senior Vice President, Chief Financial Officer and Treasurer of ComEd.
Calvin Butler has been appointed to the role of President and Chief Operating Officer of Exelon. Butler has served as Senior Executive Vice President and Chief Operating Officer of Exelon since October 29, 2021. He previously served as Chief Executive Officer of Exelon Utilities.
| MarketCap: $37.31B | Avg. Daily Volume (30 days): 8,723,394 | Revenue (TTM): $37.26B |
| Net Income Margin (TTM): 7.13% | ROE (TTM): 6.62% | Net Debt: $37.87B |
| P/E: 19.08 | Forward P/E: 15.43 | EV/EBIDTA (TTM): 10.37 |
| P/S (TTM): 0.98 | P/B (TTM): 1.56 | 52 Week Range: $34.79 – $49.98 |
3. Abbvie Inc (ABBV): $143.13
Perry Siatis named as Executive Vice President, General Counsel and Secretary. He joined Abbott in 2005 and in January 2013, Siatis joined AbbVie.
He has served AbbVie for a tenure of 9 years and 10 months.
| MarketCap: $255.67B | Avg. Daily Volume (30 days): 5,688,658 | Revenue (TTM): $57.35B |
| Net Income Margin (TTM): 22.04% | ROE (TTM):92.71% | Net Debt: $63.23B |
| P/E: 20.25 | Forward P/E: 12.39 | EV/EBIDTA (TTM): 11.74 |
| P/S (TTM): 4.48 | P/B (TTM): 17.43 | 52 Week Range: $103.13 – $171.07 |
4. Baker Hughes (BKR): $25.65
On October 19, 2022, Baker Hughes announced that effective November 2, 2022, Nancy Buese will be appointed Chief Financial Officer of the company.
| MarketCap: $24.63B | Avg. Daily Volume (30 days): 8,559,217 | Revenue (TTM): $23.48B |
| Net Income Margin (TTM): N/A | ROE (TTM): -2.74% | Net Debt: $2.77B |
| P/E: -50.40 | Forward P/E: 13.79 | EV/EBIDTA (TTM): 10.06 |
| P/S (TTM): 1.08 | P/B (TTM): 1.63 | 52 Week Range: $20.42 – $39.29 |
5. Gaming and Leisure Properties (GLPI): $45.54
On October 18, 2022, Gaming and Leisure Properties, promoted Brandon Moore, the company’s Executive Vice President, General Counsel and Secretary, to serve as the company’s Chief Operating Officer.
| MarketCap: $12.50B | Avg. Daily Volume (30 days): 1,681,720 | Revenue (TTM): $1.24B |
| Net Income Margin (TTM): 43.54% | ROE (TTM): 38.54% | Net Debt: $470M |
| P/E: 38.54 | Forward P/E: 15.13 | EV/EBIDTA (TTM): 17.41 |
| P/S (TTM): 9.17 | P/B (TTM): 3.85 | 52 Week Range: $39.98 – $52.10 |
1. Abbvie Inc (ABBV): $143.13
Laura J. Schumacher, Vice Chairman, External Affairs and Chief Legal Officer, informed AbbVie that she plans to retire from the company.
Laura Schumacher will retire after serving more than three decades with the company and its forerunner Abbott Laboratories.
| MarketCap: $255.67B | Avg. Daily Volume (30 days): 5,688,658 | Revenue (TTM): $57.35B |
| Net Income Margin (TTM): 22.04% | ROE (TTM):92.71% | Net Debt: $63.23B |
| P/E: 20.25 | Forward P/E: 12.39 | EV/EBIDTA (TTM): 11.74 |
| P/S (TTM): 4.48 | P/B (TTM): 17.43 | 52 Week Range: $103.13 – $171.07 |
2. Fidelity National Information Services (FIS): $76.73
On October 18, 2022, Fidelity National Information Services announced that Gary A. Norcross will step down from his position as Chief Executive Officer, effective December 31, 2022 and assume a new role as Executive Chairman of the company’s Board of Directors on January 1, 2023.
| MarketCap: $47.48B | Avg. Daily Volume (30 days): 5,165,577 | Revenue (TTM): $14.39B |
| Net Income Margin (TTM): -5.88% | ROE (TTM): 1.79% | Net Debt: $16.61B |
| P/E: 56.04 | Forward P/E: 10.06 | EV/EBIDTA (TTM): 15.46 |
| P/S (TTM): 3.35 | P/B (TTM): 1.02 | 52 Week Range: $72.37 – $123.85 |
3. Papa John`s International, Inc. (PZZA): $71.64
On October 17, 2022, Marvin Boakye, the Chief People and Diversity Officer of Papa John’s International, notified the company of his intention to resign from his position with the company, effective November 4, 2022.
| MarketCap: $2.59B | Avg. Daily Volume (30 days): 674,945 | Revenue (TTM): $2.11B |
| Net Income Margin (TTM): 4.26% | ROE (TTM): -49.90% | Net Debt: $672.68M |
| P/E: 29.20 | Forward P/E: 19.61 | EV/EBIDTA (TTM): 15.95 |
| P/S (TTM): 1.27 | P/B (TTM): N/A | 52 Week Range: $66.74 – $138.65 |
4. XPEL Inc (XPEL): $61.16
Effective October 14, 2022, Brooks Meltzer, Vice President, General Counsel and Corporate Secretary separated from the company.
He served for a period of 2 years and 7 months.
| MarketCap: $1.74B | Avg. Daily Volume (30 days): 150,554 | Revenue (TTM): $294.42M |
| Net Income Margin (TTM): 11.63% | ROE (TTM): 39.47% | Net Debt: $36.52M |
| P/E: 49.72 | Forward P/E: N/A | EV/EBIDTA (TTM): 34.68 |
| P/S (TTM): 5.84 | P/B (TTM): 16.69 | 52 Week Range: $39.80 – $87.01 |
5. Owens & Minor, Inc. (OMI): $16.21
Andrew G.Long relinquished his duties and responsibilities as Chief Financial Officer effective October 12, 2022. Long, has served as Executive Vice President & Chief Financial Officer since joining the company in November 2019.
| MarketCap: $1.27B | Avg. Daily Volume (30 days): 1,151,213 | Revenue (TTM): $9.88B |
| Net Income Margin (TTM): 1.56% | ROE (TTM): 17.05% | Net Debt: $2.81B |
| P/E: 7.98 | Forward P/E: 5.90 | EV/EBIDTA (TTM): 9.01 |
| P/S (TTM): 0.13 | P/B (TTM): 1.33 | 52 Week Range: $14.10 – $49.11 |
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