ALEXANDRIA, Va. - VSE Corporation (NASDAQ:VSEC), a prominent provider of aftermarket distribution and repair services, announced the appointment of Tarang Sharma as the interim Chief Financial Officer, effective May 27, 2024. Sharma, who currently serves as Vice President, Controller, and Corporate Development, will be succeeding Steve Griffin. Griffin is departing to pursue an opportunity outside of the Aerospace industry. The company has begun searching for a permanent CFO with the help of an executive search firm. Griffin will assist in the transition through the end of May and will continue as a consultant for three months thereafter.
John Cuomo, President and CEO of VSE Corporation, praised Steve Griffin's contributions since his arrival in late 2020, acknowledging his role in the company's transformation. Cuomo expressed confidence in Sharma's ability to manage the company's financial operations on an interim basis, citing his significant experience and involvement in VSE's business transformation since joining the company in 2015.
Sharma's background includes several leadership roles within VSE's finance organization and prior experience as a certified public accountant with PwC. He holds an MBA from Cornell University and a Master of Accountancy from the University of South Carolina.
VSE also highlighted the internal talent and succession planning within its finance organization, mentioning Michael Perlman's recent assumption of treasury responsibilities in addition to his investor relations role.
The company is scheduled to provide additional commentary on its fiscal year 2024 and first-quarter results in an earnings call set for tomorrow.
VSE operates in the aviation and fleet segments, providing parts distribution, maintenance, repair, and overhaul services, as well as engineering solutions and supply chain management services.
InvestingPro Insights
As VSE Corporation (NASDAQ:VSEC) navigates through its executive transition, investors and analysts are closely observing the company's financial health and market performance. The interim appointment of Tarang Sharma as CFO coincides with some notable metrics and trends for the company.
InvestingPro Data reveals that VSE Corporation has experienced significant revenue growth over the last twelve months as of Q4 2023, with a notable 28.54% increase. This upward trajectory is further emphasized by a quarterly revenue growth of 36.83% in Q1 2023. The company's market capitalization stands at a robust 1350M USD, reflecting investor confidence in VSE's market position and future prospects.
From an investment standpoint, VSE has shown a strong return over the last year, with a 77.72% total return. This is complemented by a recent surge in stock price, which, as of the previous close, was trading at 84.82 USD, just shy of its 52-week high and representing 99.13% of that peak value.
InvestingPro Tips highlight that analysts anticipate sales growth in the current year, which aligns with the company's recent performance. Additionally, VSE has maintained dividend payments for an impressive 47 consecutive years, showcasing its commitment to shareholder returns even amidst executive changes.
For those looking for more in-depth analysis and additional InvestingPro Tips, VSE Corporation has 15 more tips available at Investing.com/pro/VSEC. To enhance your investing strategy with these insights, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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