SANTA ANA, Calif. - TTM Technologies , Inc. (NASDAQ:TTMI), a significant player in the manufacturing of various technology solutions, has announced the appointment of Mr. Wajid Ali as a new Class I director on its Board. The decision came into effect immediately following the retirement of Dr. Dov S. Zakheim on May 8, 2024. Dr. Zakheim, who had been part of the company's board since July 2010, stepped down in accordance with TTM's Corporate Governance Guidelines, which mandate retirement at the age of 75.
Mr. Ali, currently the Chief Financial Officer of Lumentum Holdings (NASDAQ:LITE) Inc., brings over two decades of experience in the technology sector to TTM's board. His financial expertise is anticipated to strengthen the company's Audit Committee. Ali's professional background includes senior financial roles at Synaptics (NASDAQ:SYNA) Incorporated, Teledyne Technologies (NYSE:TDY), Incorporated, and DALSA Corp., as well as significant positions at AMD (NASDAQ:AMD) and ATI.
Tom Edman, President and CEO of TTM, expressed gratitude for Dr. Zakheim's valuable contributions to the company, particularly in the Aerospace and Defense sector. Edman also welcomed Mr. Ali to the board, noting his extensive financial background and experience as beneficial to TTM's future endeavors.
With Mr. Ali's appointment, the board maintains its composition of nine directors, eight of whom meet the independence criteria set by NASDAQ. TTM Technologies continues to focus on its role as a leading global manufacturer, emphasizing the importance of time-to-market services which are crucial for customers to expedite new product development and market entry.
InvestingPro Insights
As TTM Technologies (NASDAQ:TTMI) welcomes Mr. Wajid Ali to its board, investors may be looking at the company's financial health and market performance to gauge future prospects. According to InvestingPro data, TTM Technologies holds a market capitalization of $1.81 billion. The company's revenue over the last twelve months as of Q1 2024 stands at $2.26 billion, despite a decrease of 8.14% in revenue growth during the same period. However, the quarterly revenue growth for Q1 2024 shows a positive uptick of 4.72%, indicating a potential rebound.
An InvestingPro Tip highlights that TTM Technologies has more cash than debt on its balance sheet, which could provide financial flexibility and stability for the company's operations and strategic initiatives. Additionally, analysts predict the company will be profitable this year, which aligns with the optimism around Mr. Ali's financial expertise contributing to the company's growth trajectory.
Investors may also note that the stock has experienced a significant price increase over the past six months, with a 27.95% total return, and is trading near its 52-week high, at 99.28% of the peak price. This could signal strong investor confidence in the company's direction and market position.
For those seeking more in-depth analysis, InvestingPro offers additional tips on TTM Technologies, including insights on net income growth, stock valuation, and profitability. Interested readers can find more InvestingPro Tips by visiting Investing.com/pro/TTMI. To gain access to these valuable insights, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With 11 more InvestingPro Tips available, users can deepen their understanding of TTM Technologies' financial and market performance.
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