Stock market today: S&P 500 drops for fifth day as focus shifts to Powell’s speech
NEW YORK - BlackRock, Inc. (NYSE: BLK), the world’s largest asset manager with a market capitalization of $512.72 million and an InvestingPro Financial Health rating of "GOOD," has announced the nomination of two financial industry veterans to join its Board of Directors. Gregory J. Fleming, CEO of Rockefeller Capital Management, and Kathleen Murphy, former President of Personal Investing at Fidelity Investments, have been nominated as independent directors for election at BlackRock’s upcoming Annual Meeting of Shareholders.
The nominations come as part of BlackRock’s ongoing board evolution, emphasizing industry expertise and diverse perspectives to support the firm’s growth ambitions. With a P/E ratio of 21.85 and relatively low volatility (5-year Beta of 0.65), BlackRock demonstrates stable market performance. InvestingPro analysis reveals several additional key metrics and insights available to subscribers. If elected, Fleming and Murphy will bring substantial experience from their respective careers in wealth management and financial services to the BlackRock Board.
Fleming, who has led Rockefeller Capital Management since 2018, previously held senior positions at Morgan Stanley and Merrill Lynch. He is known for his strategic leadership in financial services and has served on BlackRock’s Board in the past. Murphy’s career at Fidelity Investments spanned over a decade, where she focused on individual investors and retirement savings, leveraging technology to enhance client experiences.
The board’s composition, assuming the election of all director nominees, will include 15 independent directors and reflect six new members since 2020. This move is part of BlackRock’s commitment to maintaining a high level of expertise and governance that aligns with its strategic direction. The company maintains an impressive 8.15% dividend yield, demonstrating strong shareholder returns while pursuing its growth strategy.
BlackRock Chairman and CEO, Laurence D. Fink, highlighted the nominees’ achievements and potential contributions to the company. He also acknowledged the service of Marco Antonio Slim Domit, a board member since 2011, who will not stand for re-election.
In addition, the independent directors have unanimously requested Murry S. Gerber to stand for re-election and continue as Lead Independent Director for an additional year, given the firm’s recent significant transactions and integrations.
The nominations and board composition changes are based on a press release statement from BlackRock, Inc. and reflect the company’s strategic focus on deep industry expertise to support its future growth. Shareholders will have the opportunity to vote on these nominations at the Annual Meeting.
In other recent news, BlackRock, Inc. has announced a 2% increase in its quarterly cash dividend, raising it to $5.21 per share. This dividend is scheduled for payment on March 24, 2025, to shareholders who are on record as of March 7, 2025. The decision to increase the dividend underscores BlackRock’s commitment to delivering value to its shareholders and highlights the company’s stable financial position. This development is part of BlackRock’s broader strategy to enhance shareholder returns while maintaining confidence in its business model. The announcement reflects the company’s ongoing efforts to make investing more accessible and cost-effective for its clients. These recent developments come as BlackRock continues to play a significant role in the financial industry, offering a variety of investment and technology services. The information regarding the dividend increase was disclosed in a press release from BlackRock.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.