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CHANDLER, Ariz. - Rogers Corporation (NYSE:ROG) announced Sunday that Colin Gouveia has stepped down as President and CEO and resigned from the Board on July 12. The engineered materials company, which according to InvestingPro data has seen its stock decline about 28% year-to-date, has appointed Ali El-Haj as interim President and CEO while conducting a search for a permanent leader.
El-Haj brings over 30 years of international experience in the automotive and manufacturing industries. He previously led Techniplas, a Tier 1 automotive supplier, through acquisitions and COVID-19 supply chain challenges. Before that, he served as President and CEO of CAP-CON Automotive Technologies. El-Haj joins Rogers at a crucial time, with the company’s next earnings report scheduled for July 24, according to InvestingPro data.
"Ali is an accomplished global leader with extensive experience in technical sectors and a strong track record of executing strategy in lean, high-performance environments," said Peter Wallace, Chair of the Rogers Board of Directors, in a press release statement.
The company indicated the leadership change coincides with efforts to simplify its operating model to increase agility and focus. The Board will consider both internal and external candidates in its search for a permanent CEO.
"I am honored to lead the Rogers organization at such a pivotal time in its journey," El-Haj said. "I look forward to working closely with the executive leadership team, employees around the world and the Board of Directors to execute with excellence on our strategic plan."
Rogers Corporation, headquartered in Arizona, manufactures engineered materials for electric vehicles, advanced electronics, aerospace, defense, and industrial markets. The company operates manufacturing facilities across the United States, China, Germany, Hungary, Belgium, and South Korea. Financial data from InvestingPro shows Rogers maintains strong financial health with more cash than debt on its balance sheet and a current ratio of 3.94, indicating robust liquidity. The company’s shares currently trade below their InvestingPro Fair Value, suggesting potential upside opportunity.
In other recent news, Rogers Corporation reported its first-quarter 2025 earnings, meeting analyst expectations with an adjusted earnings per share (EPS) of $0.27 and surpassing revenue forecasts by achieving $190.5 million. This performance reflects a slight decrease in revenue from the previous quarter, yet the company managed to maintain operational efficiency. Rogers is projecting second-quarter sales between $190 million and $205 million, with an expected improvement in gross margins to 31-33%. Analyst feedback from firms such as B. Riley Securities and CJS Securities has been positive, noting the company’s strategic initiatives and cost-saving measures.
Rogers is also expanding its global operations with a new facility in China, which is expected to enhance its local supply capabilities. Additionally, the company has implemented significant cost reduction strategies, anticipating savings of $25 million in 2025. These efforts are part of Rogers’ broader plan to optimize its manufacturing footprint and reduce operating expenses. Despite geopolitical challenges, the company remains focused on securing new design wins and maintaining a strong balance sheet. Investors are closely monitoring these developments as Rogers continues to navigate a complex market environment.
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