TEMPE, AZ – GoDaddy Inc. (NYSE:GDDY), a leading provider of internet domain registration and web hosting services, announced a change in its executive team on November 6, 2024. The company's Chief Accounting Officer, Nicholas Daddario, has concluded his role due to a restructuring within the accounting department. Daddario will continue to support the transition of his responsibilities until December 13, 2024.
Phontip Palitwanon has been appointed as the new Chief Accounting Officer, effective immediately. Palitwanon, 39, has served GoDaddy for nine years and has held positions including Vice President, Finance and Vice President, Corporate Controller. Her new role comes with an annual base salary of $350,000, a potential annual incentive bonus of 50% of her base salary, and annual focal equity awards of restricted stock units (RSUs) in line with company practice for annual grants. Additionally, Palitwanon will receive a one-time equity award valued at $500,000 in RSUs, which will vest over three years.
The company has also entered into a standard indemnification agreement with Palitwanon, ensuring her protection against certain legal proceedings in connection with her service to the company. This agreement is consistent with the company's practice for executive officers. There are no familial or transactional relationships between Palitwanon and other company executives or directors that would require disclosure under SEC regulations.
In other recent news, GoDaddy Inc. reported a solid financial performance in the third quarter, with a 7% year-over-year increase in total revenue, hitting $1.15 billion. The company's Applications & Commerce segment saw revenue growth of 16%, and the company has raised its full-year revenue guidance. GoDaddy's new product offering, Airo, has engaged nearly 3 million customers.
The company also highlighted its successful cost optimization, including the introduction of a generative AI-powered conversational bot that improved customer service efficiency.
Furthermore, GoDaddy repurchased 5.2 million shares for $668 million, reducing gross shares outstanding by 23% since January 2022. The company's annual recurring revenue for Applications & Commerce is expected to face tougher comparisons in Q4 and 2025. Despite this, GoDaddy remains optimistic, with plans to increase marketing investments for broader Airo launches and a focus on pricing, bundling, and customer value enhancement.
InvestingPro Insights
As GoDaddy Inc. (NYSE:GDDY) undergoes this executive transition, InvestingPro data provides additional context for investors. The company's market capitalization stands at $24.95 billion, reflecting its significant presence in the domain registration and web hosting industry. GoDaddy's revenue for the last twelve months as of Q3 2024 reached $4.48 billion, with a healthy revenue growth of 6.85% over the same period.
InvestingPro Tips highlight GoDaddy's strong financial performance. The company has shown a high return over the last year, with a remarkable 1-year price total return of 103.27% as of the latest data. This impressive growth is further supported by the stock trading near its 52-week high, with the current price at 99.75% of its peak.
Despite the recent executive changes, GoDaddy's financial health appears robust. The company boasts a strong operating income margin of 19.5% for the last twelve months, indicating efficient management of operating expenses. Additionally, analysts predict the company will remain profitable this year, which could provide stability during the transition period.
For investors seeking more comprehensive analysis, InvestingPro offers 15 additional tips for GoDaddy, providing a deeper understanding of the company's financial position and market performance.
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