Lennox International Inc. (NYSE:LII), a leading provider of climate control solutions with a market capitalization of $23.4 billion, announced changes to its Board of Directors in a recent SEC filing.
According to InvestingPro data, the company has demonstrated strong financial performance, with a remarkable 46.5% return year-to-date. Janet K. Cooper, a long-standing board member since 1999, has decided not to stand for re-election at the upcoming 2025 Annual Meeting. Her tenure will conclude at the end of her current term on May 22, 2025.
In a simultaneous development, Gregory T. Swienton, another board member who joined in 2010, tendered his resignation in compliance with the company's mandatory retirement age policy. His resignation will also be effective as of the 2025 Annual Meeting.
The company clarified that these departures are not due to any disagreements regarding operations, policies, or practices. Following these announcements, the Board passed a resolution to reduce its size by two members upon the retirement of Ms. Cooper and Mr. Swienton.
As a Delaware-incorporated company with headquarters in Richardson, Texas, Lennox has been a key player in its industry, generating over $5.1 billion in revenue over the last twelve months. InvestingPro analysis reveals the company has maintained dividend payments for 26 consecutive years, with 14 years of consecutive dividend increases, highlighting its financial stability.
The changes to the board are part of the natural cycle of corporate governance and reflect the company’s adherence to its established guidelines. The reduction in board size is set to take effect immediately after the two members’ retirement next year.
In other recent news, Lennox International Inc. has reported impressive earnings and revenue results for the third quarter of 2024. The company's core revenue increased by 15% to approximately $1.5 billion, and adjusted earnings per share rose by 24% to $6.68. This positive performance led to an upward revision of the company's full-year guidance.
In response to these results, Mizuho (NYSE:MFG) Securities and RBC (TSX:RY) Capital have maintained their Outperform and Sector Perform ratings respectively on Lennox, while also raising their stock price targets. Lennox has also announced the declaration of a quarterly cash dividend of $1.15 per share, demonstrating a strong commitment to shareholder returns.
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