S&P 500 may face selling pressure as systematic funds reach full exposure
CHICAGO - Methode Electronics, Inc. (NYSE: NYSE:MEI), a global provider of custom-engineered solutions with a market capitalization of $342 million, announced the appointment of Brad Corrodi as Chief Strategy Officer (CSO), effective March 10, 2025. Corrodi brings over three decades of strategic and operational experience to the role and will be stationed at the company’s headquarters in Chicago, Illinois. According to InvestingPro data, this appointment comes at a crucial time as the company faces profitability challenges in recent quarters.
Brad Corrodi’s career encompasses a range of strategic, investment, and operating roles. Prior to joining Methode, he was the founding Chief Technology Officer of Cathmere, a software platform specializing in multi-party cryptography for asset finance. His previous roles include Vice President Fleet Products and Services at Stoneridge (NYSE:SRI), Strategy and Technology partner at Logispring, and a Principal at Booz Allen (NYSE:BAH) Hamilton’s strategy and technology group.
Corrodi’s appointment is part of Methode’s broader transformation efforts aimed at reinforcing its leadership position in the industry. President and CEO Jon DeGaynor highlighted Corrodi’s appointment as pivotal for the company’s growth, expressing confidence in his ability to drive organic growth opportunities and, eventually, M&A activities. Corrodi will also focus on expanding the company’s power solutions enterprise into new and growing markets.
Methode Electronics, Inc. specializes in mechatronic products for various end markets, including automotive, commercial vehicle, cloud computing infrastructure, and consumer appliances, among others. The company operates across North America, Europe, the Middle East, and Asia, with its business managed on a segment basis, including Automotive, Industrial, and Interface (NASDAQ:TILE) divisions. Despite current challenges, the company maintains a strong dividend tradition, having paid dividends for 44 consecutive years, with a current yield of 5.8%. InvestingPro analysis suggests the stock is currently undervalued, with additional insights available in the comprehensive Pro Research Report, which covers this and 1,400+ other US equities.
The company’s latest organizational changes, including Corrodi’s appointment, underscore its commitment to strategic development and market expansion. Corrodi expressed enthusiasm about his new role, looking forward to supporting Methode’s organizational needs and contributing to its global customer service.
This announcement is based on a press release statement from Methode Electronics, Inc.
In other recent news, Methode Electronics has reported its second-quarter fiscal 2024 earnings, surpassing analyst expectations with an adjusted earnings per share (EPS) of $0.14, compared to the forecasted -$0.16. The company’s revenue also exceeded projections, coming in at $292.6 million against a forecast of $269.78 million, marking a 2% year-over-year increase. Methode Electronics is expanding its data center business, which grew 50% year-over-year, and new leadership appointments aim to strengthen global operations. Sidoti analysts have upgraded Methode Electronics’ stock rating from Neutral to Buy, setting a new price target at $14.00, based on an anticipated earnings recovery in fiscal year 2026. They expect the company’s costs associated with new program launches to decrease, improving profitability. Methode Electronics’ management forecasts that revenue in fiscal year 2026 will surpass that of fiscal year 2025, with positive pretax income expected. The company’s net debt is projected to decrease to $189.2 million by the end of fiscal year 2026. These developments reflect a strategic focus on growth opportunities in the EV and data center sectors.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.