Resideo Technologies, Inc. (NYSE:REZI), a $3.37 billion market cap company that has delivered an impressive 39.52% return over the past year, has disclosed the upcoming departure of Tina Beskid, its Senior Vice President and Chief Accounting Officer. The announcement was made in a recent filing with the Securities and Exchange Commission. Beskid, who has been serving in her current role, will leave the company effective March 14, 2025.
The decision regarding Beskid's departure was made on Wednesday, January 15, 2025. According to the filing, her termination is under circumstances that qualify her for severance benefits under Resideo's Severance Plan for Designated Officers. The specifics of the severance plan were not disclosed in the filing. InvestingPro analysis shows the company maintains a GOOD financial health score, with liquid assets exceeding short-term obligations.
Resideo, a company with a primary classification in the wholesale hardware industry, is incorporated in Delaware and currently has its principal executive offices in Scottsdale, Arizona. The company, formerly known as HH Spinco Inc., changed its name on May 10, 2018. Get deeper insights into Resideo's performance with InvestingPro, which offers exclusive access to detailed financial analysis and additional ProTips.
This transition comes as part of the natural changes in corporate leadership roles. The company has not yet announced a successor to Beskid or detailed any changes to its executive team following her departure.
In other recent news, Resideo Technologies Inc. reported robust growth in its third quarter, with total revenue increasing by 18% to $1.83 billion compared to the same period last year. This growth was seen across both its Products and Solutions segment and ADI global distribution segment, with adjusted EBITDA also climbing by 29% to $190 million.
Additionally, Resideo successfully restructured its senior secured term loan conditions, leading to a reduction in interest rates and a reestablishment of call protection. This strategic financial move aims to optimize its debt structure and reduce financial expenses.
In terms of analyst ratings, JPMorgan (NYSE:JPM) maintained its Overweight rating on Resideo and increased its price target to $31.00, up from the previous $27.00. This followed Resideo's return to organic growth for the first time since the second quarter of 2022.
In other company news, Resideo is undergoing leadership changes with CEO Jay Geldmacher announcing his retirement and Chairman Roger Fradin resigning from the board. Despite these changes, the company's Q4 revenue is expected to be between $1.815 billion and $1.855 billion, and adjusted EBITDA for Q4 is projected to be between $170 million and $185 million.
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