RICHMOND, Va. - ASGN (NYSE:ASGN) Incorporated (NYSE: ASGN), a key player in IT services and professional solutions, announced today the appointment of Patricia Obermaier to its Board of Directors. Obermaier, who has advised ASGN's Board since January 2024, will also join the Board’s Strategy and Technology Committee.
A veteran in the technology sector, Obermaier has over three decades of experience. She has been with Microsoft Corporation (NASDAQ:MSFT) since July 2019, where she currently holds the position of Chief Growth Officer and VP, Strategic Initiatives for Microsoft’s Global Health Life Sciences Division. Her responsibilities include pinpointing emerging opportunities and driving market share growth.
Before her tenure at Microsoft, Obermaier founded Resigility, a firm focusing on strategic advisory and information management services. Her career also includes leadership roles at Iqvia and Unisys (NYSE:UIS) Corporation.
ASGN's CEO, Ted Hanson, expressed his enthusiasm for Obermaier's board membership, citing her extensive experience and strategic insight as assets that will support ASGN’s growth in IT consulting and client solution innovation.
In her statement, Obermaier expressed excitement about joining ASGN's Board during a critical phase in the company's development and is eager to contribute to its ongoing success.
The announcement also recognizes the retirement of Mariel Joliet, who has been a board member since December 2016. Hanson acknowledged Joliet's financial expertise and contributions to ASGN's growth and wished her well in her future endeavors.
Following Joliet’s departure and the previously announced retirement of Marty Kittrell, the board consists of 10 directors, including three women. ASGN emphasizes its commitment to workplace inclusion and board diversity, details of which will be included in the upcoming 2023 ESG Report on the company’s website.
ASGN provides IT services and solutions to both commercial enterprises and government organizations, facilitating the development, implementation, and operation of critical IT and business solutions.
This news article is based on a press release statement. The forward-looking statements within the press release carry risks and uncertainties, and there is no assurance that anticipated performance will be achieved. For more information on these forward-looking statements and associated risks, please refer to ASGN's Annual Report on Form 10-K for the year ended December 31, 2023.
InvestingPro Insights
ASGN Incorporated's recent board changes come at a time when the company's financial health appears robust, according to InvestingPro's real-time data. With a solid market capitalization of $4.1 billion, ASGN's valuation suggests a strong free cash flow yield, an aspect that savvy investors often look for as a sign of a company's financial flexibility and ability to generate cash (InvestingPro Tip #3).
The company's P/E ratio, a measure of its current share price relative to its per-share earnings, stands at 19.74 on a last twelve months basis as of Q1 2024, indicating that investors are willing to pay just under $20 for every $1 of earnings, which is a reasonable valuation in many industries (InvestingPro Data).
Another metric of interest is the company's shareholder yield, which has been highlighted as high (InvestingPro Tip #1). This metric, which combines dividend payments and share repurchases, can be a comprehensive measure of the return that shareholders are getting from the company. Although ASGN does not pay a dividend, management's aggressive share buyback strategy contributes positively to shareholder yield, reflecting confidence in the company's future prospects (InvestingPro Tip #0).
Investors should note that while six analysts have revised their earnings estimates downwards for the upcoming period (InvestingPro Tip #2), the company is still predicted to be profitable this year, with profitability sustained over the last twelve months (InvestingPro Tips #6 and #7).
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