ASHBURN, Va. - DXC Technology (NYSE: NYSE:DXC), a Fortune 500 global technology services firm, has announced the appointment of Raul Fernandez as its President and Chief Executive Officer. Fernandez, who has been serving as the Interim President and CEO since December 2023, was unanimously selected by the Board of Directors to lead the company.
With a tenure on the DXC Board since 2020 and a history of leading successful companies, Fernandez brings a wealth of experience to his new permanent role. The Board praised his leadership and operational expertise, as well as his intimate knowledge of DXC's operations, as key factors in their decision. David Herzog, Chairman of the DXC Board, expressed confidence in Fernandez's ability to drive long-term growth and shareholder value.
Fernandez's background includes a significant presence in the technology industry and sports entertainment. He is Vice Chairman and co-owner of Monumental Sports & Entertainment and serves on the boards of various organizations, including Broadcom (NASDAQ:AVGO), Inc. He also has a history of entrepreneurship and leadership in technology companies, such as founding Proxicom and serving as its CEO, leading to a successful IPO.
The announcement of Fernandez's appointment coincides with the suspension of the Board's previously initiated search for a new CEO. Additionally, DXC has released its third-quarter fiscal 2024 results and will further discuss financial outcomes in a conference call and webcast.
The information in this article is based on a press release statement from DXC Technology.
InvestingPro Insights
As DXC Technology ushers in a new era of leadership under Raul Fernandez, investors are closely monitoring the company's financial health and market performance. According to recent data from InvestingPro, DXC Technology has a market capitalization of approximately $4.2 billion. Despite facing some challenges, such as a decline in revenue growth over the last twelve months by -8.66%, the company is expected to turn a corner with net income projected to grow this year. This is a positive signal for investors considering the company's aggressive share buyback strategy, as highlighted in one of the InvestingPro Tips.
Another InvestingPro Tip that stands out is the strong free cash flow yield implied by DXC's valuation, which can be attractive to investors looking for companies with the potential to generate healthy cash flows. It's also worth noting that while the company does not pay dividends, analysts predict DXC will be profitable this year, which could indicate a shift towards a more stable financial footing.
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