ASHBURN, Va. - DXC Technology (NYSE: NYSE:DXC), a global technology services provider with annual revenue of $13.26 billion, today announced Brad Novak as its new Chief Information Officer (CIO). Novak, who has more than three decades of experience in the technology sector, will focus on integrating artificial intelligence (AI) into the company's operations. According to InvestingPro data, DXC maintains a perfect Piotroski Score of 9, indicating strong financial health and operational efficiency.
Novak's appointment comes as DXC aims to enhance its operational efficiency and workforce productivity. His responsibilities will include the consolidation and standardization of various platforms, tools, and processes across the company. By embedding AI strategically across the infrastructure, DXC intends to leverage Novak's expertise to transform its service delivery. The company's strong financial position is reflected in its healthy free cash flow of $1.25 billion and current ratio of 1.25.
Prior to joining DXC, Novak served in significant roles at several global financial institutions. His most recent position was Chief Technology Officer (CTO) for Barclays (LON:BARC)' Corporate and Investment Bank, where he led the technology architecture and strategy. His career also spans roles in private equity and venture capital, providing technology strategy advice to portfolio companies and assessing technology investment opportunities.
DXC Technology, listed on the New York Stock Exchange, is recognized for helping global companies manage and modernize their IT systems. They focus on optimizing data architectures and ensuring security and scalability across various cloud environments. The company supports many of the world's largest companies and public sector organizations, aiming to improve their performance, competitiveness, and customer experience.
The information regarding Novak's appointment is based on a press release statement by DXC Technology. While the company has expressed forward-looking statements about the expected benefits of Novak's role, it has also acknowledged that these statements are subject to numerous risks and uncertainties. DXC has cautioned readers not to place undue reliance on these forward-looking statements, which reflect the company's expectations as of the date of the press release. InvestingPro analysis suggests the stock is currently undervalued, with 8 analysts recently revising their earnings expectations upward. For deeper insights into DXC's valuation and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, DXC Technology reported mixed results in its second-quarter fiscal year 2025 earnings. Despite a 5.6% decrease in total revenue to $3.2 billion, the company exceeded expectations with an adjusted EBIT margin of 8.6% and non-GAAP EPS of $0.93. CEO Raul Fernandez attributed the performance to effective cost management and a one-time legal settlement gain, which led to an increase in full-year guidance for adjusted EBIT margin and non-GAAP EPS. BMO Capital Markets has increased the price target for DXC Technology to $25, citing the company's ongoing recovery efforts. However, the firm remains cautious, highlighting the need for DXC to enhance its bookings, as the book-to-bill ratio has been under 1.00x for several quarters. The company anticipates a year-over-year revenue decline between 5.5% and 4.5% but expects an increase in projected free cash flow to approximately $550 million. DXC Technology has also launched new GenAI-powered solutions to improve client operational efficiency and added new senior leadership to enhance company performance. Despite challenges, DXC Technology remains focused on executing fundamental initiatives over the next 12-24 months to ensure resilience and adaptability.
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