SCOTTSDALE, AZ— Viad Corp (NYSE:VVI), a business services provider with a market capitalization of $939 million and annual revenue of $1.4 billion, announced a significant transition in its executive team with the appointment of a new Chief Financial Officer (CFO) and the upcoming departure of two senior officers.
the completion of the sale of Viad's GES business. Heitz will succeed Ellen Ingersoll, who will step down from her role on the same date and continue in an advisory capacity until March 31, 2025. The transition comes as Viad shows strong momentum, with InvestingPro analysis indicating a 30% price return over the past six months and analysts setting price targets between $54 and $60.
Ingersoll's departure is not related to any disagreements with the company regarding its financial statements or practices. Heitz, 37, joined Viad on Monday as CFO of the company's Pursuit business and brings experience from his previous roles at Vail Resorts (NYSE:MTN), Inc. and in investment banking.
Heitz's compensation will include an annual base salary of $400,000 and an incentive bonus with a target of 75% of his salary. Additionally, he will receive a long-term equity incentive award and a new hire restricted stock unit award.
Furthermore, Leslie Striedel, Viad's Chief Accounting Officer, is set to leave her position on June 30, 2025, also contingent upon the GES business sale. Striedel's departure, like Ingersoll's, is not due to any internal disagreements. Viad will provide updates on the succession plan for Striedel at a later date.
This executive transition comes at a pivotal time for Viad as it reshapes its leadership structure. The company has made it clear that these changes are part of an orderly succession planning process. The information provided is based on the company's latest SEC filing. For deeper insights into Viad's financial health and growth prospects, investors can access comprehensive analysis and additional ProTips through InvestingPro's detailed research reports, available for over 1,400 US stocks.
In other recent news, Viad Corp reported robust financial performance in the third quarter of 2024, with consolidated revenue increasing by 25% to $455.7 million. This growth was primarily driven by the company's two main segments, Pursuit and GES, which respectively posted revenues of $182.3 million and $273.4 million. Adjusted EBITDA for the quarter rose significantly to $103.1 million.
In terms of strategic developments, Viad Corp announced the appointment of Michael Bo Heitz as its new Chief Financial Officer, effective from March 2025. Heitz brings a wealth of financial and strategic expertise from his experience in various leadership roles at Vail Resorts and in the private equity and investment banking sectors.
In addition, Viad Corp is set to become an independent entity following the sale of its GES business to Truelink Capital. This move is expected to strengthen Pursuit's financial position and support Viad Corp's growth strategy. Despite challenges such as the Jasper National Park wildfire, which led to a $21.9 million revenue decline, the company remains optimistic about its recovery and future growth.
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