ASGN appoints Shiv Iyer as new president

RICHMOND, Va. - ASGN (NYSE:ASGN) Incorporated (NYSE: ASGN), a prominent provider of IT services and solutions with a market capitalization of $4.1 billion, announced a leadership transition with Shiv Iyer set to become President starting March 1, 2025. According to InvestingPro data, ASGN maintains strong financial health with a robust current ratio of 2.25, indicating solid operational efficiency. Iyer, succeeding Rand Blazer who will take on the role of Executive Vice Chairman, brings extensive consulting experience from his tenure at Accenture (NYSE:ACN).

Iyer’s career includes leadership roles that expanded Accenture’s consulting services in the Americas. His background is rooted in technology and business consulting, with a focus on industry and M&A expertise. ASGN CEO Ted Hanson expressed confidence in Iyer’s ability to drive the company’s strategic objectives and growth.

Rand Blazer, who joined Apex Systems in 2007 and played a key role in its merger with ASGN, has been credited with steering ASGN’s transformation into a high-value IT services provider. Blazer’s new position will involve supporting Iyer’s transition and advising on strategic initiatives.

Iyer expressed his enthusiasm for the opportunity to build on the foundation established by Blazer and the executive team, aiming to propel ASGN towards further growth and success.

ASGN, known for its IT services across commercial and government sectors, focuses on helping organizations develop and operate critical IT and business solutions. This leadership change comes as part of ASGN’s ongoing efforts to strengthen its market position and deliver advanced IT services to its clients.

The information for this article is based on a press release statement. InvestingPro analysis reveals several positive indicators for ASGN, including management’s aggressive share buybacks and strong free cash flow yield. Investors can access additional insights and 8 more exclusive ProTips through InvestingPro’s comprehensive research platform, with the company’s next earnings report scheduled for February 5, 2025.

In other recent news, ASGN Inc. reported stable third-quarter revenues of $1.031 billion for 2024, surpassing Wall Street’s earnings per share expectations. Despite a year-over-year decrease, the company demonstrated a healthy growth of 4% in its consulting division. However, ASGN continues to face challenges in its Assignment segment and saw a slight decline in its Federal Government business.

BMO Capital Markets upgraded ASGN’s stock from Market Perform to Outperform, setting a new price target of $100.00. This upgrade followed a non-deal roadshow where BMO evaluated ASGN’s performance and prospects, noting the company’s strategic focus on digital transformation and artificial intelligence/machine learning. BMO believes the recent sell-off in ASGN’s stock has created a favorable buying opportunity for investors.

Meanwhile, Truist Securities maintained its Buy rating on ASGN shares, expressing optimism for robust growth in an improving macro-economic climate. Despite a potential decrease in the fourth-quarter forecast, Truist Securities foresees a more favorable demand landscape in 2025. ASGN projects fourth-quarter revenues between $990 million and $1.01 billion, with net income expected to be between $39.2 million and $42.1 million. These are recent developments for ASGN, which remains optimistic about future IT spending growth, particularly in the AI/ML sectors.

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