Latest news with #CEOchange
Forbes
a day ago
- Business
- Forbes
Berkeley's Shares Plummet As CEO Perrins Announces Move To Chairman
Photographer: Chris Ratcliffe/Bloomberg News of a personnel change at the top has caused shares in housebuilder Berkeley Group to sink in end-of-week trading. At £38.52 per share, the FTSE 100 company was last dealing 7.2% lower on Friday. Berkeley – which focuses on home construction in London and the South East of England – said that Rob Perrins will vacate his position as chief executive during the autumn. He will be replaced by chief financial officer Richard Stearn. Perrins – who has held the chief executive position since for 16 years – will take over the role of chairman after Michael Dobson steps down after Berkeley's AGM on 5 September. Berkeley commented that Perrins 'has overseen a period of exceptionally strong performance and value creation' since his appointment as CEO in 2009. It added that his replacement by Stearn 'will uphold Berkeley's longstanding tradition and preference for promoting from within which maintains the culture and values of the organization and provides continuity and stability for the company, our people and shareholders.' Alongside those boardroom changes, Berkeley announced full-year trading numbers that came in line with market forecasts. Revenues crept 0.9% higher to £2.5 billion, during the 12 months to April as the UK housing market remained under pressure. The FTSE firm delivered 4,047 new homes over the period, up from 3,521 previously. The builder's operating margin crept 0.6% higher, to 20.1%. Pre-tax profit ducked 5.1%, to £529 million, while net cash dropped to £337 million from £532 million the year before. Berkeley hiked the full-year dividend to 240p per share from 92p in financial 2025. Share buybacks totaled £130m, up from £72m. Chief executive Perrins commented that the full-year trading statement 'represents an excellent operational performance with highly disciplined execution and close control of costs.' He noted that 'we have added long-term value to the business, both in our land holdings and through our Build to Rent (BTR) platform, while returning £381.5 million to shareholders; a great start to the Berkeley 2035 strategy.' Under its 10-year growth program, Berkeley plans to create a market-leading BTR platform alongside delivering on pipeline sites and investing in new land. Perrins added that 'there is good underlying demand for our homes, with transaction volumes gradually improving over the course of the year.' But he added that 'consumer confidence remains finely balanced and a more meaningful recovery requires both improved sentiment and macroeconomic stability.' On Berkeley's full-year numbers, analyst Aarin Chiekrie of Hargreaves Lansdown commented that while 'sales continued to tick higher over the year,' he added that 'they remain well below the group's long-term targets, showing there's a lot of work still to be done.' He noted that 'a lot of this is outside of Berkeley's control though and will depend on further interest rate cuts and broader economic stability to help boost buyer confidence.' Chiekrie added that 'with over 75% of sales for the current year already locked in, Berkeley looks well-placed to hit its full-year pre-tax profit guidance of at least £450 million.'
Phone Arena
10-06-2025
- Business
- Phone Arena
T-Mobile CEO Mike Sivert might be let go before end of contract as company purses new strategy
German outlet Handelsblatt reports that Deutsche Telekom, the German telecommunications company that has the largest stake in T-Mobile, is looking to reorganize its "most important" subsidiary and may hand the reins over from CEO Mike Sivert to Chief Operating Officer Srini Gopalan. T-Mobile is in the midst of change, with the focus changing from growing customer volume to premium pricing and expansion of fiber footprint, and Gopalan, who was transferred from Germany to the US, is said to be the driving force behind the change. The report seems to indicate Sievert was a part of the decision making process. Apparently, the current CEO wants to take a break and intends to put his successor in charge of the change that's underway. Sievert has been CEO since 2020 and his contract runs through says Sievert will part ways with the company either this year or next. T-Mobile has declined to comment on this rumor but says that Sievert "loves his job." The company told Fierce Wireless that the CEO is excited about its multi-year "Challenger to Champion" strategy. This seems to indicate that Sievert is going to stick around for longer than Handelsblatt expected. However, T-Mobile has also expressed enthusiasm about having Srini on board, so it's hard to say anything with certainty. — T-Mobile spokesperson, June 2025 T-Mobile has emerged as a 5G leader and Sievert helped the company increase its market share and set a new market cap record for wireless providers. If he steps down now, investors might not like it, according to the head of Telecom Equity Research at BNP Paribas Exane, Sam McHugh. That said, there were similar concerns when former CEO John Legere stepped down and Sievert took over but shares have risen 75 percent since then. While Sievert was key to the Uncarrier movement, Gopalan might be better suited for the task that lies ahead, which is convergence or the bundling of wired and wireless services. —Sam McHugh, head of Telecom Equity Research at BNP Paribas Exane, June 2025 A March report had indicated that T-Mobile might not be able to maintain its growth streak and this might cause its parent company to replace him. We believe that Sievert's departure might also help the company distance itself from some of the decisions taken during his era, such as the removal of price lock guarantee and price hikes, and rebrand itself as a premium carrier. Switch to Total 5G+ Unlimited 3-Month plan or Total 5G Unlimited and get a free iPhone. We may earn a commission if you make a purchase Buy at Total Wireless
Bloomberg
16-05-2025
- Business
- Bloomberg
Novo Replaces CEO Jorgensen After Lilly Rivalry Hits Shares
Novo Nordisk A/S is replacing CEO Lars Fruergaard Jorgensen due to increased competition for its Wegovy obesity shots and a 53% decline in its share price over the past 12 months. The company's share price has sliced more than $300 billion off its market value, and it has faced setbacks in trials of new weight-loss drugs and growing competition from Eli Lilly & Co. Jorgensen will continue as CEO for a period to support a smooth transition to new leadership, and the search for a new leader has begun. Bloomberg Intelligence's Michael Shah reports. (Source: Bloomberg)
Reuters
13-05-2025
- Business
- Reuters
UnitedHealth CEO leaves abruptly, company pulls forecast; shares sink
UnitedHealth Group Chief Executive Andrew Witty stepped down suddenly on Tuesday, the company said, as it suspended its 2025 forecast due to surging medical costs, sending its shares plunging. Lisa Bernhard has more.
