AUSTIN, Texas - Flex (NASDAQ: NASDAQ:FLEX), a global manufacturing partner, announced the appointment of Kevin S. Krumm as its new Chief Financial Officer, effective January 6, 2025. Mr. Krumm will take over from Jaime Martinez, who has been serving as the interim CFO and will assist with the transition.
Bringing over two decades of financial expertise, Mr. Krumm has a history of leadership roles across various industries, including industrial, chemical, and healthcare sectors. His previous position was Executive Vice President and CFO at APi Group Corporation, a provider of safety and specialty services. Before APi Group, he spent 15 years at Ecolab Inc (NYSE:ECL)., where he held multiple roles, culminating as Corporate Treasurer and Senior Vice President of Global Financial Shared Services.
Flex CEO Revathi Advaithi expressed confidence in Krumm's ability to drive the company's financial strategy and contribute to shareholder value, citing his cross-industry leadership as a strong fit for Flex's strategic direction. Mr. Krumm also shared his enthusiasm about joining Flex, acknowledging the company's blend of innovation and operational excellence.
Mr. Krumm holds an accounting degree from the University of Northern Iowa and an MBA from the University of Chicago Booth School of Business.
Flex operates a workforce across 30 countries and provides design, technology innovation, supply chain, and manufacturing solutions to various industries and markets.
This leadership change is part of Flex's ongoing efforts to create long-term shareholder value and achieve its transformational goals.
The information for this article is based on a press release statement.
In other recent news, Flex has made strategic moves to enhance its data center solutions by acquiring JetCool Technologies, a specialist in advanced liquid cooling systems. This acquisition is expected to address the increasing power and cooling demands in the AI and high-performance computing sectors. Flex's second-quarter earnings exceeded analyst estimates with adjusted earnings per share of $0.64, surpassing the consensus of $0.57. However, the company's revenue of $6.5 billion fell short of expectations of $6.53 billion, marking a 5.6% year-on-year decline. Analyst firm Craig-Hallum maintained a Buy rating on Flex shares and increased the price target to $45 from $39, citing the company's effective control over operations and significant improvements in profitability. For the third quarter, Flex has forecasted revenue between $6 billion and $6.4 billion, lower than Wall Street's estimate of $6.53 billion. The company's full-year outlook has also been revised, with revenue now projected at $24.9 billion to $25.5 billion, down from previous guidance. These are among the recent developments for Flex.
InvestingPro Insights
As Flex (NASDAQ: FLEX) welcomes Kevin S. Krumm as its new CFO, recent financial data from InvestingPro sheds light on the company's current position. Flex boasts a market capitalization of $15.72 billion, reflecting its significant presence in the Electronic Equipment, Instruments & Components industry. The company's P/E ratio of 17.83 suggests a reasonable valuation relative to its earnings, particularly when considering its growth prospects.
InvestingPro Tips highlight that Flex has been aggressively buying back shares, indicating management's confidence in the company's future and commitment to returning value to shareholders. This aligns well with the company's stated goal of creating long-term shareholder value, as mentioned in the article.
Additionally, Flex has demonstrated strong financial performance, with a high return over the last year and trading near its 52-week high. The company's revenue for the last twelve months stands at an impressive $25.45 billion, although it's worth noting a slight revenue decline of 6.49% during this period.
These insights suggest that Mr. Krumm is joining a company with a solid financial foundation and a track record of shareholder-friendly actions. His extensive financial experience across various industries could be valuable in navigating Flex's diverse market exposure and continuing its trajectory of operational excellence and innovation.
For investors seeking a deeper understanding of Flex's financial health and potential, InvestingPro offers 16 additional tips, providing a comprehensive analysis to inform investment decisions.
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