CAMBRIDGE, Mass. - Forrester (NASDAQ:FORR), a prominent research and advisory firm, today announced the addition of Cory Munchbach, CEO of BlueConic, to its board. Munchbach, a former Forrester analyst and current leader of the customer data platform, will officially join the board as of June 1, 2024.
Munchbach's career has been characterized by a focus on the convergence of marketing strategy and technology. At BlueConic, she has been instrumental in guiding Fortune 500 companies through the evolving landscape of customer engagement, particularly in the post-cookie and privacy-centric era. Her expertise in crafting customer experiences and leveraging data to foster business interactions is expected to be a significant asset to Forrester's board.
Prior to her tenure at BlueConic, Munchbach's role as an analyst at Forrester saw her advising chief marketing officers on digital and social strategy in response to consumer demands. Her advocacy for scientific marketing approaches aimed at customer acquisition and retention aligns with Forrester's commitment to serving B2B marketing, sales, and product leaders.
George F. Colony, Forrester's chairman and CEO, expressed confidence in Munchbach's ability to contribute to the company's growth, particularly in enhancing Forrester's Decisions portfolio and refining its market strategy. Munchbach herself has expressed enthusiasm for the opportunity to influence Forrester's direction, leveraging her extensive background in customer data and marketing technology.
With Munchbach's appointment, the Forrester board now comprises eight directors, seven of whom are independent. This move is part of Forrester's ongoing efforts to provide customer-obsessed insights and solutions to global companies.
This news is based on a press release statement from Forrester.
InvestingPro Insights
As Forrester (NASDAQ:FORR) welcomes Cory Munchbach to its board, the company's financial metrics provide a broader context to this strategic decision. With a market capitalization of $339.15 million and a high gross profit margin of 57.22% over the last twelve months as of Q1 2024, Forrester demonstrates a solid foundation in profitability. Munchbach's expertise in customer data and marketing technology will complement Forrester's already impressive gross profit margins, potentially driving further growth and efficiency.
InvestingPro Tips reveal that Forrester holds more cash than debt on its balance sheet and has raised its dividend for 7 consecutive years, signaling a commitment to returning value to shareholders. Such financial stability and shareholder-friendly policies could be further enhanced by Munchbach's customer-centric insights, which align with Forrester's mission to provide customer-obsessed solutions.
Notably, analysts have revised their earnings downwards for the upcoming period, and the company is trading near its 52-week low, with the price at the previous close standing at $17.99. While the stock has taken a hit over the last six months, declining by 27.25%, Forrester's addition of a seasoned executive like Munchbach to its board may be a strategic move to navigate the current challenges and capitalize on future opportunities.
Investors interested in a deeper dive into Forrester's performance and future prospects can find additional InvestingPro Tips at https://www.investing.com/pro/FORR. These insights could provide valuable guidance for those looking to make informed decisions about their investments in Forrester. Additionally, users can take advantage of our special offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking even more expert analysis and tips.
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