Parexel appoints Jeff Bernstein to its board of directors

DURHAM, N.C. - Parexel, a prominent clinical research organization, announced the appointment of Jeff Bernstein to its Board of Directors on Wednesday. Bernstein, a Partner at Goldman Sachs Asset Management and Co-Head of its Healthcare Private Equity Investing, steps in to replace Michael Bruun as part of a scheduled rotation. Goldman Sachs, currently trading at $581.14, has demonstrated remarkable performance with a 51.94% return over the past year, according to InvestingPro data.

Bernstein’s addition to the board is part of Parexel’s ongoing strategy to bolster its growth objectives. With a history of healthcare investment and financial expertise, Bernstein is expected to provide valuable insights to the company. His appointment comes at a time when Goldman Sachs maintains a strong market position, with InvestingPro analysis showing the firm has consistently raised its dividend for 13 consecutive years and maintains a healthy 2.06% dividend yield.

Chief Executive Officer Peyton Howell expressed gratitude for Bruun’s contributions and welcomed Bernstein’s expertise, particularly in the financial and healthcare sectors. Sheri McCoy, Chairperson of the Board, echoed these sentiments, anticipating Bernstein’s role in advancing Parexel’s strategic growth.

The new board member’s background includes a tenure at Goldman Sachs since 2008, with promotions to Managing Director in 2019 and Partner in 2024. Bernstein’s board experience extends to several healthcare companies, including Advanced Recovery Systems and MDVIP.

Bernstein’s appointment reflects Parexel’s commitment to maintaining a leadership position in the CRO industry, focusing on delivering life-enhancing therapies to patients. The company emphasizes its role in advancing clinical research through partnerships and innovation, recognized by industry awards and accolades.

Goldman Sachs, where Bernstein has built his career, is a leading investor in alternatives with a significant asset management portfolio, including a robust private equity practice.

This move is part of Parexel’s strategic efforts to strengthen its board with professionals who have a deep understanding of the global financial and healthcare landscapes. The information is based on a press release statement.

In other recent news, Goldman Sachs has announced a reduction of 3% to 5% of its workforce as part of a performance-related review scheduled for the spring. This follows a similar review carried out in September. Additionally, the bank has adjusted its diversity initiatives in response to changes in U.S. law, emphasizing a balance between merit-based advancement and diversity. Goldman Sachs also decided to end its policy requiring companies to have diverse boards for IPO underwriting due to recent legal developments.

In terms of stock evaluation, Keefe, Bruyette & Woods downgraded Goldman Sachs’ stock rating from Outperform to Market Perform, citing concerns over current valuation and market uncertainties. The firm also reduced the price target from $690 to $660. Furthermore, Goldman Sachs has amended its articles of incorporation to include a new class of preferred stock, Series Z, offering a fixed-rate return. This amendment is part of the bank’s strategy to diversify its funding sources.

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