TTEC Holdings, Inc. (NASDAQ:TTEC), a global provider of customer experience services, announced a significant change in its executive leadership. On Wednesday, the company disclosed that Michelle Swanback, President of TTEC and CEO of the TTEC Engage business segment, will step down from her roles effective December 31, 2024.
Swanback's upcoming departure was shared in a recent filing with the Securities and Exchange Commission. She has committed to facilitating a smooth transition of her duties over the next few months.
John P. Abou, who joined TTEC in July 2024 as President of TTEC Engage, will assume Swanback's responsibilities within the Engage business segment. Kenneth Tuchman, CEO of TTEC Holdings, will absorb Swanback's duties as President of the parent company.
John Abou brings over 27 years of experience in the business process and technology outsourcing industry to his new role. His previous tenure includes serving as CEO of CXM practice and global head of service delivery at Sutherland Global Services. Abou's background is marked by escalating leadership roles and a focus on customer experience management across various industry verticals.
This strategic realignment within TTEC's leadership structure is part of the company's ongoing commitment to driving growth and maintaining its position in the customer experience sector. The announcement comes as TTEC continues to navigate the dynamic landscape of service and technology solutions.
The company's business address is located at 6312 S. Fiddler's Green Circle, Suite 100N, Greenwood Village, CO 80111, and the business phone number is 303-397-8100. The information regarding the leadership changes is based on the latest SEC filing by TTEC Holdings, Inc.
In other recent news, TTEC Holdings reported mixed financial results for the second quarter, with revenue standing at $534 million and adjusted EBITDA at $46 million. The company's Engage segment faced a downturn, primarily due to economic factors and reduced demand in the healthcare sector.
In contrast, the Digital segment demonstrated resilience with new enterprise client wins and growth in recurring managed services. Canaccord Genuity revised its price target for TTEC Holdings due to these developments, maintaining a Hold rating on the stock.
TTEC's operational losses were significant, marked by a reported loss from operations of $224 million. This figure is a stark contrast to the prior year's operating income of $31 million. The losses were primarily driven by a substantial non-cash pre-tax impairment charge of $196 million, relating to the fair value of the TTEC Engage business.
In response to these challenges, TTEC is implementing cost optimization initiatives, targeting $10 million in savings this year and $30 million in annualized savings starting in 2025. The company is also focusing on diversification and geographic expansion, particularly in South Africa in 2025. Despite the decrease in demand in the Engage segment, TTEC Digital continues to attract new clients and expand its partner ecosystem, with over 100 AI technology implementations underway.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.