CHICAGO - Littelfuse , Inc. (NASDAQ: NASDAQ:LFUS), a global industrial technology manufacturer with a market capitalization of $5.8 billion, announced a leadership transition today with Dr. Greg Henderson set to take over as President and Chief Executive Officer effective February 10, 2025. According to InvestingPro data, the company maintains strong financial health with a current ratio of 3.55, indicating robust liquidity. The current CEO, David Heinzmann, will retire after a 40-year tenure with the company but will continue to serve on the Board until April 2025 and as an advisor until August 10, 2025.
Heinzmann's leadership has been praised for guiding the company's growth and innovation efforts. "Dave has been an exceptional leader and his passion for Littelfuse, our people, and our customers has been instrumental in guiding the Company’s growth, innovations, and industry impact," said Gordon Hunter, Chairman of the Board.
Dr. Henderson, 56, brings extensive experience to his new role, having served on the Littelfuse Board since May 2023 and previously leading Analog Devices (NASDAQ:ADI)' Automotive & Energy, Communications, and Aerospace Group. His background includes various technical and leadership roles at Harris Corporation (NYSE:LHX), Tyco Electronics, TriQuint Semiconductor, and IBM (NYSE: NYSE:IBM). He holds a bachelor's degree in electrical engineering from Texas Tech University and a Ph.D. in electrical engineering from the Georgia Institute of Technology.
"I am honored to lead this great company," Dr. Henderson stated, acknowledging Littelfuse's history of product leadership and technology innovation. He expressed enthusiasm for driving the company's growth alongside its global teams and serving the diverse needs of its customer base.
The announcement of the CEO transition also included the postponement of the Investor Day previously scheduled for February 26, 2025, to a later date. This leadership change comes as Littelfuse continues to empower a sustainable, connected, and safer world with its innovative solutions across various industries. The company currently trades near its 52-week low, with an EBITDA of $418.75 million in the last twelve months. For deeper insights into Littelfuse's financial health and growth prospects, investors can access comprehensive analysis through InvestingPro, which offers detailed research reports and additional financial metrics for over 1,400 US stocks.
This report is based on a press release statement from Littelfuse, Inc.
In other recent news, Littelfuse Inc. has completed the acquisition of a 200mm wafer fabrication facility in Dortmund, Germany, from Elmos Semiconductor SE. This move is expected to enhance Littelfuse's capabilities in power semiconductor technology and expand its manufacturing prowess. The acquisition aligns with the company's growth strategy and is set to complement its existing operations.
In financial developments, Littelfuse reported third-quarter 2024 earnings with revenues of $567 million, despite a 7% year-over-year decline. The company anticipates a sequential decline in fourth-quarter sales, with projections ranging from $510 million to $540 million. Despite this, Littelfuse maintained solid net debt-to-EBITDA leverage and reported robust free cash flow.
Oppenheimer reaffirmed its Outperform rating on Littelfuse, maintaining a price target of $310. The firm's analysis suggests potential for growth, stating that current sales estimates are conservative relative to the company's past performance and potential. This follows Littelfuse's completion of the C&K acquisition in 2022, which contributed to increased sales in the Electronics segment. These are among the recent developments in the company's operations.
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