GALWAY, Ireland - TE Connectivity plc (NYSE:TEL), a global leader in connectivity and sensor solutions, announced today the appointment of Sam Eldessouky as a member of its board of directors, effective immediately. Eldessouky currently holds the position of executive vice president and chief financial officer at Bausch + Lomb Corporation.
Chairman John Davidson welcomed the new director, highlighting Eldessouky's extensive experience in financial leadership within public companies. Eldessouky's role at Bausch + Lomb since January 2022 involves steering the company's financial strategies in the eye health product sector. His prior experience includes a tenure as executive vice president and chief financial officer at Bausch Health Companies (NYSE:BHC), and a significant period at Tyco International plc, where he served as senior vice president, controller, and chief accounting officer.
Eldessouky's career also encompasses over a decade at PricewaterhouseCoopers (PwC), where he provided technical accounting guidance on complex issues. He is a certified public accountant (inactive) and holds a Bachelor of Science in accountancy and a master's degree in accounting and finance.
TE Connectivity, with a workforce of over 85,000 employees globally, including 8,000 engineers, operates in around 140 countries. The company is known for its contributions to various industries, including transportation, renewable energy, automated factories, data centers, and medical technology, emphasizing the importance of every connection in advancing these fields.
This appointment is expected to complement the existing board's expertise, as Eldessouky brings a wealth of knowledge and experience in financial management and corporate governance. The information regarding this appointment is based on a press release statement issued by TE Connectivity.
In other recent news, TE Connectivity announced significant changes, including executive transitions and a company reorganization. Steve Merkt, President of Transportation Solutions, is transitioning to an advisory role, with Aaron Stucki succeeding him. The company is restructuring its reporting segments into two primary divisions: Transportation Solutions and Industrial Solutions.
The company's recent earnings results met sales expectations and surpassed earnings per share projections, generating a record $2 billion in free cash flow over the first three quarters. TE Connectivity has also shown potential interest in future mergers and acquisitions aligning with its markets and technologies.
Analysts from Evercore ISI and Wolfe Research have maintained an Outperform rating for TE Connectivity, while Citi and Truist Securities have maintained a neutral stance. The company is also preparing for a move from the New York Stock Exchange to Ireland, with the transition expected to be finalized by September 30, 2024. These are the recent developments for TE Connectivity.
InvestingPro Insights
As TE Connectivity welcomes Sam Eldessouky to its board, investors may find value in examining the company's current financial position. According to InvestingPro data, TE Connectivity boasts a P/E ratio of 12.85, suggesting a relatively attractive valuation compared to industry peers. This metric could be particularly relevant given Eldessouky's extensive financial background, which may contribute to optimizing the company's financial strategies and shareholder value.
Despite a slight revenue decline of 3.34% over the last twelve months, TE Connectivity maintains a robust gross profit margin of 33.89% and an operating income margin of 18.31%. These figures indicate the company's ability to manage costs effectively, a skill that aligns well with Eldessouky's expertise in financial leadership.
InvestingPro Tips highlight that TE Connectivity has raised its dividend for 11 consecutive years, demonstrating a commitment to shareholder returns. Additionally, the company's stock price has outperformed the S&P 500 over the past year, with a total return of 19.27%, reflecting investor confidence in its business model and growth prospects.
For readers interested in a deeper analysis, InvestingPro offers 13 additional tips for TE Connectivity, providing a comprehensive view of the company's financial health and market position.
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