CHICAGO - Global professional services firm Huron (NASDAQ: HURN), currently valued at nearly $2 billion with a robust financial health score according to InvestingPro, has announced the appointment of Hugh E. Sawyer as its independent, non-executive chairman, effective January 1, 2025. Sawyer will take over from John McCartney, who has held the position since May 2010 and will remain on the board as a director.
McCartney's decision to step down aligns with his previously stated intention to resign before his current term ends in May 2025. This change is part of Huron's ongoing board refresh process aimed at maintaining a diverse and skilled board to support the company's strategic direction. The company's management has shown confidence in its future prospects through aggressive share buybacks, as highlighted in recent InvestingPro analysis, which reveals several additional bullish indicators available to subscribers.
CEO and President Mark Hussey expressed gratitude to McCartney for his leadership and guidance and confidence in Sawyer's ability to continue Huron's legacy of client-focused solutions and innovation. "We are confident that Hugh will bring valuable insights to drive our strategic initiatives forward," Hussey stated.
Sawyer has been a board member since February 2018 and has chaired the compensation committee while serving on the audit and finance and capital allocation committees. His experience includes leadership roles as president or CEO of nine companies and board positions on fourteen public or private boards, including as chairman. Sawyer's background includes over 40 years of leading operational improvements and strategic transformations across various industries.
McCartney reflected on his tenure as chairman, considering it an honor during a pivotal period for Huron and looked forward to supporting the board and management team. Sawyer's assumption of the chairman role is the result of a thorough transition process, according to McCartney.
Huron collaborates with clients to create strategies, optimize operations, accelerate digital transformation, and empower businesses. The company embraces diverse perspectives to achieve sustainable results for the organizations it serves.
This announcement is based on a press release statement from Huron. Statements regarding the company's future are forward-looking and involve risks and uncertainties that could cause actual results to differ materially from projected outcomes. These risks are detailed in Huron's Annual Report on Form 10-K for the year ended December 31, 2023.
In other recent news, Huron Consulting (NASDAQ:HURN) Group announced a strategic acquisition of AXIA Consulting, aiming to bolster its supply chain services. The move is expected to enhance Huron's capabilities in the industrials, manufacturing, retail, and healthcare sectors. It will also expand its Oracle (NYSE:ORCL) supply chain management offerings and broaden its technology portfolio with advanced Microsoft (NASDAQ:MSFT) capabilities. This development follows Huron's solid growth, with revenue increasing by 7.51% over the last twelve months.
In addition, Huron reported a 3% increase in its third-quarter 2024 revenue compared to the same period in 2023, along with a 21% rise in adjusted earnings per share year-over-year, achieving record sales bookings. Despite project work delays shifting revenue from Q3 to Q4, the firm remains optimistic about its growth trajectory, particularly in its Commercial and Healthcare segments.
Lastly, the company has narrowed full-year revenue before reimbursable expenses guidance to $1.47 billion to $1.49 billion, and raised the adjusted diluted EPS forecast to $6.00 to $6.20. Analysts from InvestingPro have revised their earnings estimates upward for the upcoming period, indicating a positive outlook for Huron. These recent developments highlight Huron's strategic focus on growth and resilience in a dynamic market.
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