In a recent filing with the Securities and Exchange Commission, Genpact (NYSE:G) Limited announced the appointment of Nicholas Gangestad as a new member of its Board of Directors and audit committee, effective August 12, 2024. Mr. Gangestad, 59, currently serves as the Chief Financial Officer at Rockwell Automation (NYSE:ROK) and has previously held the same position at 3M.
His extensive experience in overseeing financial operations, including compliance, financial planning, treasury, and tax, is expected to contribute significantly to Genpact. Mr. Gangestad holds an MBA from the University of Minnesota and a bachelor's degree in business and accounting from Augsburg University. Additionally, he serves as an independent director on the board of Nucor Corporation (NYSE:NUE).
Genpact's compensation program for non-employee directors will provide Mr. Gangestad with an annual base cash retainer of $70,000 and an additional $22,500 for his audit committee role. He will also receive an annual grant of restricted share units valued at $210,000, based on the closing share price of Genpact common shares on the grant date.
In other recent news, Genpact has reported a series of significant developments. The professional services firm recently announced a strategic integration with Salesforce (NYSE:CRM) Data Cloud, aiming to enhance enterprise operations with artificial intelligence and industry-specific cloud solutions. The partnership is expected to improve decision-making processes, optimize operations, and stimulate growth for businesses.
In addition, Genpact reported Q1 2024 total revenues of $1.13 billion and a gross margin of 35%, exceeding market expectations. This strong performance led to an upward revision of full-year revenue guidance. The company also appointed Sanjeev Vohra as its first Chief Technology & Innovation Officer, a move expected to accelerate the implementation of artificial intelligence and advanced technology solutions.
Furthermore, Nicholas Gangestad, Senior Vice President and Chief Financial Officer at Rockwell Automation, has joined Genpact's Board of Directors, an addition anticipated to enhance the company's financial and operational expertise. In terms of analyst interactions, JPMorgan upgraded Genpact's stock from Underweight to Neutral, acknowledging the company's strategic initiatives under new leadership. However, BMO Capital Markets adjusted its stock price target for Genpact from $39 to $38, maintaining a Market Perform rating.
In partnership news, Genpact has teamed up with supermarket chain ALDI SÜD to enhance its retail operations in the U.S. and Australia, aiming to leverage Genpact's data, technology, and AI expertise to increase ALDI’s operational agility and cost efficiency. These are the recent developments in Genpact's operations.
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