NEW YORK – Kyndryl Holdings, Inc. (NYSE:KD), a leader in computer integrated systems design, held its Annual Meeting on Monday, July 25, 2024, where shareholders voted on several key proposals. The company announced today that all director nominees were elected with overwhelming support, the executive compensation was approved, and PricewaterhouseCoopers LLP was ratified as the independent registered public accounting firm for the upcoming fiscal year.
The board of directors saw each nominee receive more than 95% of the votes cast, demonstrating a robust endorsement from the shareholders. The elected directors include Dominic J. Caruso, Stephen A.M. Hester, Shirley Ann Jackson, and Martin Schroeter, all of whom are set to help guide Kyndryl through its next phase of growth and innovation.
In addition to the election of directors, shareholders cast an advisory vote to approve the compensation of the company's named executive officers, with 95.8% voting in favor. This vote reflects shareholder satisfaction with the executive compensation strategy and its alignment with Kyndryl's performance and goals.
Furthermore, the appointment of PricewaterhouseCoopers LLP as the company's independent auditor for the fiscal year ending March 31, 2025, was ratified with 99.1% of the votes present and entitled to vote in favor. This ratification is a testament to the shareholders' trust in the accounting firm's ability to accurately and transparently audit the company's financial statements.
Kyndryl, which operates under the SIC code 7373 for Services-Computer Integrated Systems Design, is incorporated in Delaware and has its principal executive offices located in New York City. The company's fiscal year ends on March 31.
The results of the Annual Meeting are based on a press release statement and reflect the company's commitment to transparency and shareholder engagement. The detailed voting outcomes for each proposal underscore the confidence that Kyndryl's investors have in the company's leadership and strategic direction.
In other recent news, Kyndryl Holdings Inc has been making significant strides in its strategic initiatives. The company reported solid growth, generating $16.1 billion in revenue for fiscal year 2024. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 20% to $2.4 billion. Despite a slight decline in revenue, Kyndryl anticipates positive revenue growth in the fourth quarter of fiscal year 2025. Analyst firms Oppenheimer and Scotiabank have both shown confidence in Kyndryl's growth, with Oppenheimer giving an Outperform rating and a price target of $33.00, and Scotiabank maintaining a Sector Outperform rating with a price target of $30.00.
Kyndryl has also been actively expanding its partnerships and acquisitions. The company recently announced a collaboration with NVIDIA (NASDAQ:NVDA) to enhance artificial intelligence applications for businesses, integrating NVIDIA's AI software into its Kyndryl Bridge digital business platform. Furthermore, Kyndryl has acquired Skytap, a specialized workload services provider, to bolster its hybrid cloud offerings. These recent developments are part of Kyndryl's strategy to invest in areas critical to customer growth and transformation.
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