Moelis & Company (NYSE:MC), a global investment banking advisory firm, disclosed the retirement of board member John Allison on January 15, 2025. The announcement, made through an 8-K filing with the U.S. Securities and Exchange Commission, noted Allison's departure effective immediately from the date of notification.
Allison's retirement concludes a decade of service on the company's Board of Directors, where he has been recognized for his significant contributions. Ken Moelis, Chairman and CEO of Moelis & Company, expressed gratitude for Allison's guidance and commitment to the firm, highlighting his deep philosophical commitment to ethics and free market capitalism.
The company did not indicate a successor or provide details on any changes to the board's composition following Allison's departure. Moelis & Company, headquartered in New York, specializes in investment advice and is known for providing strategic advisory services to a global client base.
The 8-K filing also included standard financial statements and exhibits, but no further material corporate changes were reported. The news of Allison's retirement comes as part of regular disclosures companies are required to make regarding changes in their executive teams and board compositions.
This report is based on a press release statement filed with the SEC.
In other recent news, Moelis & Company reported a year-over-year increase of 18% in adjusted revenues, reaching $281 million for the third quarter of 2024 and $763 million for the first nine months. The firm's strategic expansion into non-traditional M&A areas was highlighted, with revenue distribution being roughly 60% from M&A and 40% from non-M&A activities. CEO Kenneth Moelis expressed optimism for the upcoming year, citing potential improvements in the M&A market and seasonal strength in Q4.
Despite a slow pace of deal completions and a slight decrease in Managing Director headcount, Moelis & Company declared a quarterly dividend of $0.60 per share and reported $298 million in cash with no debt. The firm is also expanding into private capital advisory and fundraising, aiming to serve the private equity and alternative credit sectors.
In terms of future expectations, the company holds an optimistic view for 2025, dependent on successful capital raising influencing M&A activity. The firm also anticipates typical seasonal strength in Q4, influenced by market conditions and deal closures.
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