COLUMBUS, Ohio - Bread Financial Holdings, Inc. (NYSE:BFH) announced the appointment of John J. Fawcett to its board of directors as an independent member. Fawcett, a veteran in the financial services sector, was elected at the company's Annual Meeting of Stockholders on Tuesday along with other nominees who served during the previous term.
With a career spanning over four decades, Fawcett brings a wealth of experience to the board, having held various senior roles across the industry. His previous positions include executive vice president and chief financial officer of CIT Group (NYSE:CIT), Inc. and Royal Bank of Scotland (NYSE:RBS_old_old) Americas, as well as a significant tenure at Citigroup Inc (NYSE:C). Fawcett also served as a senior audit manager at KPMG, specializing in banking and financial services.
In his new role at Bread Financial, Fawcett will be a member of both the Audit and Nominating & Corporate Governance committees. The company's president and CEO, Ralph Andretta, expressed confidence in Fawcett's ability to contribute to the board's expertise, particularly in accounting, international operations, and business operations.
Following Fawcett's election, the board of Bread Financial now comprises nine directors. The company, known for its tech-forward financial services, offers a range of payment, lending, and saving solutions. It emphasizes digital-first approaches and data insights to provide services that include private label and co-brand credit cards, as well as buy now, pay later products through Bread Pay™.
Bread Financial also caters to consumers directly with offerings like the Bread Cashback™ American Express (NYSE:AXP)® Credit Card and Bread Savings™ products. The company, headquartered in Columbus, Ohio, prides itself on sustainable business practices and is powered by approximately 7,000 global associates.
This article is based on a press release statement.
InvestingPro Insights
Bread Financial Holdings, Inc. (NYSE:BFH) welcomes John J. Fawcett to its board during a period of noteworthy financial performance and market activity. As part of the board's strategic vision, understanding the company's financial health and market position is crucial.
InvestingPro data highlights Bread Financial's strength with a market capitalization of approximately $2.05 billion, showcasing the company's significant presence in the financial services industry. Furthermore, the company's P/E ratio stands at an attractive 5.25, with an adjusted P/E ratio for the last twelve months as of Q1 2024 at an even more appealing 4.93. This indicates that the company is trading at a low earnings multiple, which could be an indicator of undervaluation relative to its earnings potential.
Moreover, Bread Financial has demonstrated a strong commitment to rewarding its shareholders, maintaining dividend payments for 9 consecutive years, with a current dividend yield of 2.03%. This consistent return to shareholders may reflect the company's stable financial position and management's confidence in its ongoing operations and cash flow.
InvestingPro Tips suggest that Bread Financial is experiencing a large price uptick over the last six months, with a 56.41% total return, and is currently trading near its 52-week high, at 97.74% of the peak price. This momentum is backed by a strong return over the last month, with a one-month price total return of 20.79%, potentially signaling investor confidence in the company's future prospects.
For readers interested in a deeper analysis, InvestingPro offers additional tips on Bread Financial, which can be accessed at https://www.investing.com/pro/BFH. With these insights and more, investors can make more informed decisions, especially when considering the company's recent board developments. For enhanced access, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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