SAS names new head of its efforts to go public

SAS Institute, the Cary-based data and analytics company, has named a veteran of the company to be its new chief operating officer and guide its preparations to go public and sell shares of the company.
Why it matters: SAS, founded in 1976, is one of the Triangle's largest technology companies, with around 4,000 employees based out of its Cary headquarters.
The company's founder and CEO Jim Goodnight, 82 and the state's richest resident, has long kept the company privately held, but in 2021 he announced the goal of taking the company public.
Driving the news: On Thursday, the company named Gavin Day, a 25-year veteran, as its new COO, overseeing the company's global sales and getting it ready for the financial rigors of being a publicly-traded company.
He is the first chief operating officer to be named at the company since the departure of former COO Oliver Schabenberger, who was long considered an heir apparent to Goodnight but left the company in 2020.
State of play: It remains unclear when SAS plans to go public — an event that could potentially give the company's employees equity.
The company originally aimed for 2024, before saying 2025 was a more realistic target. But the uncertainty that exists in the market right now could delay those plans further.
What they're saying: "Timing is something that we have the luxury of," Day, a former executive vice president at SAS, told reporters. "We are a no debt company. We do not need capital, we do not have to pay back investors, so we absolutely have the patience to wait ... [for] when the time is right."
Day said that he has already been working internally to get SAS operating as a public company would, which comes with different reporting requirements and many different kinds of disclosures.
He said that options for giving employees equity in an initial public offering have been presented to Goodnight. "When the time comes, Dr. Goodnight will talk to the employees and to the public and to the media about that," he said.
Goodnight also has a succession plan in place, but "he will be the one to communicate that when the time is appropriate," he said in response to a question about whether the new role makes him the No. 2 at the company.
Zoom in: Day joined SAS in 2000, when it acquired a startup he worked at called DataFlux.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Business Insider

9 minutes ago

• Business Insider

Africa's richest country agrees $1.5 billion World Bank loan for infrastructure upgrade

South Africa has signed a $1.5 billion loan agreement from the World Bank to upgrade its struggling transport and energy infrastructure in a bid to boost economic growth. South Africa has obtained a $1.5 billion loan from the World Bank to improve its transport and energy infrastructure. The funding aims to address challenges such as power outages, deteriorating rail infrastructure, and congested ports which impact key economic sectors. The loan offers favorable terms including a three-year grace period, and supports state-owned enterprises Eskom and Transnet in their respective operations. South Africa has signed a $1.5 billion loan agreement from the World Bank to upgrade its struggling transport and energy infrastructure in a bid to boost economic growth, the National Treasury announced on Monday. Africa's most industrialized economy, has battled sluggish growth for over a decade, due to persistent power outages, deteriorating rail infrastructure, and congested ports, all of which have severely impacted key sectors like mining and manufacturing. President Cyril Ramaphosa, speaking last month about his government's infrastructure drive, emphasized its importance to South Africa's future. "Infrastructure is the flywheel that our economy needs to boost growth and to create jobs. Infrastructure that is well constructed and maintained encourages investors to see our country as a great investment destination. ' The Washington-based lender said earlier this month that the funding will tackle key challenges such as sluggish growth and high unemployment by easing bottlenecks in the country's energy and freight transport sectors. While the government didn't specify which projects the loan will fund, it expressed hope that the financing will help ease transport bottlenecks and improve energy security, according to Reuters. The 16-year loan offers better terms than commercial borrowing, including a three-year grace period, and is priced at the six-month Secured Overnight Financing Rate (SOFR) plus 1.49%. The funding is separate from a proposed $500 million World Bank facility aimed at attracting private investment to expand South Africa's electricity transmission grid, which is essential for integrating new renewable energy projects. Eskom and Transnet to benefit The loan will provide funding for state-owned Eskom Holdings SOC Ltd. to strengthen the electricity grid and support renewable energy integration. It will also assist Transnet SOC Ltd., the country's port and rail operator, expand its freight transport capacity. State-owned enterprises Eskom and Transnet, responsible for electricity and freight transport respectively, have long struggled with financial and operational woes, weighing down economic performance. In the first quarter of this year, South Africa's economy grew by just 0.1%. Finance Minister Enoch Godongwana's recent budget earmarked more than 1 trillion rand ($55.5 billion) for investments in transport, energy, water, and sanitation, all aimed at stimulating growth and improving public services. The Treasury also projected that public debt would peak at 77.4% of GDP this fiscal year, before gradually declining. South Africa has recently set its sights on revamping its infrastructure as a key driver of economic recovery and growth. In March, the country partnered with the World Bank to launch a $3 billion initiative aimed at restoring essential services and upgrading infrastructure across eight of its largest cities.

Yahoo

13 minutes ago

• Yahoo

Hyosung Transitioning Bio-Based Spandex Feedstock from Corn to Sugar

How sweet it is. Hyosung, the world's largest producer of spandex by market share, leaned into sustainable stretch with its bio-based spandex made from dent corn feedstock. Ever since, it has been aiming to increase the content of its regen™ BIO Spandex, and now, it's found a solution in sugar. More from Sourcing Journal Polartec® Alpha™ Celebrates 13 Years of Game-Changing Active Insulation The RAW Edition by US Denim Mills Brings Nature's Unfiltered Spirit to Life Sustainability Takes Pressure, Policies Says Kering Exec The sugarcane-based bio-BDO is part of Hyosung's plan to support the textile industry in reducing carbon emissions by moving to more circular business models. Last year, Hyosung partnered with sustainable materials leader, Geno, to start construction at its Vietnam plant to produce Bio-BDO derived from sugarcane, powered by Geno's proprietary BDO technology. For more than two decades, Geno has been developing and scaling technology to enable the production of sustainable materials derived from plant- or waste-based feedstocks instead of fossil fuels. The Korea-based fiber manufacturer cites three specifics for the sugarcane upgrade. 'First, sugarcane has a higher yield per hectare than corn. Second, sugarcane is more effective at sequestering carbon than corn. Third, sugarcane's byproduct, bagasse, can be used as a renewable energy source, further reducing its carbon footprint,' said Simon Whitmarsh-Knight, Hyosung's global sustainability director-textiles, adding that there is no compromise on durability and performance compared to corn, or even traditional spandex. There is no change in the characteristics or the bio-based content of the bio spandex itself, stressed Whitmarsh-Knight. The functionality and quality of the spandex remain consistent, allowing customers to enjoy the same high-performance product while benefiting from a renewable input material. Hyosung will be utilizing the bio-BDO facilities at its plant in Vietnam. The facility expects to start production in the first half of next year, with the potential of producing up to 50,000 tons of bio-BDO by the end of 2026. 'For the first time, the industry will have an integrated supply of bio-based spandex in one region, from raw material to fiber,' said Whitmarsh-Knight. 'This provides significant benefits to our customers such as faster speed to market, reduced development times and a more robust supply chain.' Having pioneered the use of sugarcane in spandex, Hyosung had the opportunity to develop a new value chain for this product, one also linked to traceability, transparency and certification. 'It was essential that we found a partner who had the practical knowledge, value chain connections and consulting expertise to help us build and track this new system,' said Whitmarsh-Knight. 'Having researched the market in depth, we decided that CZ (Czarnikow) offered the optimum balance of direct connections with farmers, logistical experience and sustainability know-how. In addition, their VIVE platform provides well-established structure and processes to trace the product from farm to manufacturing facility.' Hyosung's brand and retail partners have already reaped the benefits of adding regen™ BIO spandex to fabric blends with other bio-based fibers, not to mention using it as a renewable stretch engine with cotton and merino wool. Hyosung plans to transition existing customers and their value chains from its Gen 1 corn-based spandex to its Gen 2 sugarcane-based version starting next year. And since every brand takes a unique approach to sustainability according to their goals, Hyosung has expanded its bio Spandex offering to include various options for the yarn to be made with a higher content of renewable resources to include regen BIO + and regen BIO Max. Backed by third-party verified data and independent Life Cycle Assessments, regen™ BIO Max elastane delivers a 27 percent lower carbon footprint and 82 percent less ozone depletion than conventional spandex, marking a meaningful shift towards circular, regenerative materials. Making the transition even easier is the fact that the structure and ratio of bio-based content remain consistent even when switching the feedstock from corn to sugarcane. PANGAIA, the materials science company at the intersection of science, purpose and design, has successfully brought Hyosung's regen BIO spandex to commercial use and is on board for the sugarcane transition. Starting from Women's activewear, expanding to Men's, and now extending into their new 365 Seamless range with regen BIO Max, this continuous adoption highlights PANGAIA's deep understanding and trust in bio-based products as part of their innovative sustainability strategy. 'The ongoing use of bio-based materials by such a pioneering brand demonstrates that the bio story resonates strongly with consumers,' said Whitmarsh-Knight. 'It is clear evidence that our product is growing within both the fashion industry and sustainability movement.' How each brand messages this material to their end consumers will ultimately depend on their respective communication strategy, but Whitmarsh-Knight feels sugarcane has the potential to resonate well with consumers interested in bio-based materials. 'That said, since bio-based spandex is still relatively new in the market, it may be more important at this stage to first help consumers understand the broader shift from fossil fuels to renewable resources. Once that foundation is established, brands will be better positioned to evolve their storytelling with more nuanced details about the specific feedstocks being used,' he said. Beyond textiles, Hyosung also plans to also use its bio-BDO in footwear, packaging and automotive, so moving this to bio-BDO will represent a significant saving in carbon emissions across multiple industries. To learn more about Hyosung's textile materials, click here.

UPI

20 minutes ago

• UPI

Space X set to launch Transporter-14 rideshare mission

SpaceX is set to launch its Transporter-14 rideshare mission that will carry dozens of payloads, including multiple satellites and human DNA. File Photo by Joe Marino/UPI | License Photo June 23 (UPI) -- SpaceX is set to launch its Transporter-14 rideshare mission, carrying multiple satellites and human DNA. The flight is set to launch from California's Vandenberg Space Force Base with a 57-minute flight window set to open at 5:18 p.m. EDT. The flight is set to carry 70 payloads, including cubesats, microsats and re-entry capsules. A German Company, Exolaunch, will also deploy a payload carrying 45 satellites of deployment hardware on this flight, its largest ever deployment including a satellite that is used to study water quality from space, and a Earth observation satellite will be used to look over cloudy conditions. Exolaunch CEO Robert Sproles said that SpaceX's rideshare program is "industry enabling". "It gives an opportunity to really pressure test not only our hardware, but all of our systems and missions management to make this a very smooth process for our customers so that they have a really easy time," Sproles said. Celetsis, a Houston-based company behind space-burial services, announced the flight would also have a payload that is carrying over 150 flight capsules with DNA and human remains. The payload from Celetsis will reach low Earth orbit and did two or three circuits around before re-entering the atmosphere. The capsules were then recovered from the Pacific Ocean and returned to the clients. "Celestis is pleased to offer a new type of Earth Rise mission, thanks to The Exploration Company," the company's co-founder and CEO Charles Chafer, said in a statement. "Our participants' capsules will orbit the Earth and return via the Mission Possible capsule, creating a spectacular liftoff and recovery experience." Transporter was initially set to launch on Sunday but was scrubbed due to unfavorable weather.