CHICAGO - The AZEK Company Inc. (NYSE: AZEK), a $6.95 billion market cap leader in the manufacturing of outdoor living products, has announced significant changes to its executive team. According to InvestingPro data, AZEK maintains a strong financial health rating and has demonstrated solid profitability with $1.44 billion in revenue over the last twelve months. Peter Clifford, the company’s Senior Vice President, Chief Operations Officer, and Chief Financial Officer, will resign from his roles on January 24, 2025, to join a private company outside the building products industry.
In response to Clifford’s departure, AZEK has promoted Ryan Lada, previously Vice President and Chief Financial Officer – Residential Segment, to the position of Senior Vice President, Chief Financial Officer, and Treasurer. Additionally, Matthew Wiora, formerly Vice President, Corporate Controller, will step up as the new Chief Accounting Officer. These changes will also take effect on January 24, 2025.
AZEK’s CEO, Jesse Singh, expressed confidence in the newly appointed executives, praising Lada’s exceptional results and strong performance in the company’s Residential Segment. Singh credited Lada and Wiora’s financial acumen as essential for the continuation of AZEK’s strategic execution, market presence strengthening, and financial growth.
Ryan Lada joined AZEK in July 2022, bringing over fifteen years of global finance experience across multiple industries. His previous roles include financial leadership positions at Tank Holding Corp., Cantel Medical (NYSE:CMD) Corporation, and other significant companies.
Matthew Wiora also came to AZEK in June 2022, with a history of financial roles at Honeywell International Inc (NASDAQ:HON). and Illinois Tool Works Inc (NYSE:ITW). He is a licensed certified public accountant with extensive experience in accounting and finance with publicly traded companies.
Singh also took the opportunity to thank Peter Clifford for his contributions to AZEK, highlighting his role in guiding the company through its IPO and a phase of growth that included operational excellence and shareholder value enhancement. InvestingPro analysis shows the company’s strong operational efficiency with a healthy current ratio of 2.17 and net income of $153 million in the last twelve months. For deeper insights into AZEK’s financial health and future prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
The company remains optimistic about its prospects for 2025 and the long-term opportunities of its strategic initiatives. Singh concluded by emphasizing the strong foundation built by the team, poised to drive innovation, market leadership, and sustainable growth. With a P/E ratio of 46.5 and trading slightly above its InvestingPro Fair Value, AZEK continues to demonstrate strong market positioning. Investors seeking detailed valuation metrics and growth projections can access over 30 additional financial indicators through InvestingPro’s comprehensive analysis tools.
This leadership transition at AZEK is based on a press release statement and reflects the company’s ongoing commitment to its strategic and financial objectives.
In other recent news, Azek Co. has been in the spotlight due to a series of significant developments. The company’s fiscal fourth-quarter earnings exceeded estimates, projecting a 5-7% revenue growth in FY25 and an expected adjusted EBITDA margin between 26.5-27%. Azek also secured an $815 million credit facility from Wells Fargo (NYSE:WFC) Securities and JPMorgan Chase (NYSE:JPM) Bank, which is expected to reduce the company’s funded debt by approximately $150 million. The company also entered into a $50 million accelerated share repurchase agreement with JPMorgan Chase Bank.
Citi analyst Anthony Pettinari upgraded Azek’s stock rating from Neutral to Buy, increasing the price target to $60 from the previous $51. Similarly, RBC Capital Markets raised its price target on Azek’s shares to $58 from $50, reaffirming its Outperform rating. BMO Capital Markets also adjusted its outlook, increasing the price target to $51, while maintaining a Market Perform rating.
Azek revised its executive severance plan, aligning it with industry standards, a move that was well-received by the executive team, including CEO Jesse Singh. These are the recent developments for Azek Co., as reported by analysts from various firms including RBC Capital Markets, BMO Capital Markets, Loop Capital, and Baird.
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