TROY, Mich. - Kelly Services (NASDAQ:KELYA), Inc. (NASDAQ:KELYA, NASDAQ:KELYB), a global provider of specialty talent solutions, has announced the appointment of Troy R. Anderson as its Executive Vice President and Chief Financial Officer Designate, starting October 14, 2024. Anderson will be taking over from Olivier Thirot, who informed the company of his retirement plans on July 8, 2024. Thirot will transition into a strategic advisory role following an orderly handover of his responsibilities.
President and CEO Peter Quigley expressed confidence in Anderson's ability to further Kelly's growth objectives, citing his successful track record in business transformations and profitable growth. Quigley also acknowledged Thirot's contributions to the company's financial strength and flexibility.
Anderson, with over 30 years of experience in finance, joins Kelly from Universal Technical Institute, Inc. (NYSE:NYSE:UTI), where he played a pivotal role in doubling the company's revenue and significantly increasing profitability and market capitalization. His previous roles include Vice President, Global Finance, and Corporate Controller for Conduent (NASDAQ:CNDT), Inc.
Terrence Larkin, chairman of Kelly's board of directors, praised the selection process that led to Anderson's appointment and expressed optimism about his potential impact on shareholder value.
Kelly Services, headquartered in Troy, Michigan, has been a pioneer in the staffing industry since 1946. The company connects over 500,000 people with work annually and reported revenues of $4.8 billion in 2023. Kelly offers a range of outsourcing and consulting services across various industries, including science, engineering, technology, and education.
This announcement contains forward-looking statements subject to risks and uncertainties under the U.S. Private Securities Litigation Reform Act of 1995. Factors that could affect the company's future performance include changing market conditions, labor market disruptions, regulatory impacts, and other risks detailed in the company's SEC filings.
The information in this article is based on a press release statement from Kelly Services, Inc.
In other recent news, Kelly Services, a global workforce management solutions provider, revealed signs of stabilization and growth in its Q2 earnings call. Despite a 13.1% decrease in revenue due to the sale of their European staffing business, the company reported an organic revenue increase and anticipates modest revenue improvement in the second half of the year. This progress is attributed to the company's localized delivery model and mobile app, which have driven momentum in the industrial and commercial staffing business.
Kelly Services also announced the acquisition of Motion Recruitment Partners (MRP), a move expected to contribute to growth and value metrics. The acquisition of MRP is projected to add between $260 million to $270 million in revenue. The company also reported a decrease in debt to $210 million and generated $55 million in free cash flow.
These developments come as Kelly Services continues its focus on maintaining pricing discipline and preparing for future acquisitions in high-margin, high-growth sectors. The company's CEO, Peter Quigley, expressed optimism for future growth and potential acquisitions.
InvestingPro Insights
Kelly Services, Inc. (NASDAQ:KELYA) has recently made strategic changes to its executive team, which may influence its financial trajectory. According to InvestingPro data, Kelly Services has a market capitalization of $742.84 million and is trading at a price-to-earnings (P/E) ratio of 15.55. Notably, the adjusted P/E ratio for the last twelve months as of Q2 2024 is lower at 9.33, indicating a potentially more attractive valuation for investors compared to historical figures.
InvestingPro Tips highlight that Kelly Services has raised its dividend for three consecutive years and has maintained dividend payments for 14 consecutive years, showcasing a commitment to returning value to shareholders. Additionally, analysts predict the company will be profitable this year, with net income expected to grow. These insights suggest a stable financial outlook for the company, aligning with the positive sentiments expressed by President and CEO Peter Quigley regarding the company's growth objectives.
Revenue figures from the last twelve months as of Q2 2024 show a total of $4.452.8 million, with a gross profit margin of 19.9%. Despite a revenue decline of 8.89% during the same period, the company's ability to cover interest payments with its cash flows and the fact that its liquid assets exceed short-term obligations provide a cushion against financial pressures.
For readers interested in a deeper analysis, InvestingPro offers additional tips and metrics on Kelly Services, Inc., which can be found at https://www.investing.com/pro/KELYA. These insights could be particularly valuable for investors considering the company's future performance under the new CFO's financial leadership.
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