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HOUSTON - IES Holdings, Inc. (NASDAQ:IESC), a $5.88 billion market cap electrical systems company that has delivered a remarkable 118% return to investors over the past year, announced Tuesday the completion of its previously announced executive succession plan, with Matt Simmes assuming the role of President and Chief Executive Officer.
Jeff Gendell, who previously served as Chairman of the Board and CEO, has transitioned to the position of Executive Chairman of the Board. Simmes has also been appointed to the company’s Board of Directors.
"I am grateful for the opportunity to lead IES into its next chapter," Simmes said in the press release.
The company, which designs and installs electrical and technology systems for various markets including data centers and residential housing, also announced the appointment of Jordan Lyman as President of its Residential segment. Lyman has worked at IES Residential for more than 20 years, including 14 years as Division Manager of the San Antonio Division. Based on InvestingPro’s Fair Value analysis, the stock currently appears to be fairly valued, with strong fundamentals including minimal debt and ample liquidity to cover short-term obligations.
Simmes had been serving as Interim President of the Residential segment since 2023 before his promotion to CEO. The leadership changes come as the company positions itself to navigate the current housing environment while pursuing future growth opportunities.
IES Holdings employs more than 9,000 people across the United States, serving clients in sectors such as data centers, residential housing, and commercial and industrial facilities.
The executive changes represent the implementation of a succession plan that had been previously disclosed by the company, according to the press release statement.
In other recent news, IES Holdings has announced a significant executive change, with Matthew Simmes set to become the new Chief Executive Officer starting July 1, 2025. This transition is part of the company’s planned succession strategy, with Simmes also joining the Board of Directors while Jeffrey Gendell transitions to Executive Chairman. Additionally, IES Holdings has appointed Kelly C. Janzen to its Board of Directors. Janzen brings extensive financial expertise from her previous roles, including her recent position as Executive Vice President and Chief Financial Officer of Vestis Corporation. In another development, Freedom Broker has initiated coverage on IES Holdings with a Buy rating and a price target of $340.00 per share. The analyst firm highlighted the company’s disciplined acquisition strategy and flexibility in diversifying revenue streams as strengths. These recent developments indicate strategic moves by IES Holdings to enhance its leadership and financial strategies.
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