Street Calls of the Week
FREMONT, Calif. & CLEARWATER, Fla. - TD SYNNEX (NYSE:SNX) announced Thursday the appointment of David Jordan as Executive Vice President and Chief Financial Officer, according to a company press release.
Jordan, who has served as Senior Vice President, Americas CFO and Head of Investor Relations, replaces Marshall Witt, who is departing the IT distribution company to take a position elsewhere.
The new CFO joined TD SYNNEX in 2014 and has held various senior finance positions throughout the organization. Since 2021, he has served as Americas CFO, bringing experience in financial planning, investor engagement and operational leadership.
"David’s deep knowledge of our business, proven leadership of our Americas finance organization, and strong relationships with vendors, customers and investors make him exceptionally well-suited to take on the CFO role," said Patrick Zammit, Chief Executive Officer of TD SYNNEX.
Zammit also acknowledged Witt’s contributions to the company, noting his role in guiding TD SYNNEX through transitions and positioning the company for long-term operations.
TD SYNNEX is a global distributor and solutions aggregator for the IT ecosystem, serving more than 150,000 customers in over 100 countries. The company is headquartered in both Clearwater, Florida, and Fremont, California, with approximately 23,000 employees worldwide. As a prominent player in the Electronic Equipment, Instruments & Components industry, the company’s stock currently trades near its 52-week high, reflecting strong investor confidence. For detailed analysis and additional insights, including 16 exclusive ProTips and comprehensive financial metrics, visit InvestingPro.
In other recent news, TD Synnex reported fiscal third-quarter revenue of $15.65 billion, surpassing UBS’s estimate of $14.9 billion and exceeding the company’s guidance range of $14.7 billion to $15.5 billion. This strong financial performance led UBS to maintain a Buy rating on the stock and raise its price target to $187, following a previous reaffirmation at $154. RBC Capital also increased its price target for TD Synnex to $180, noting a 12% year-over-year growth in billings to $22.7 billion.
In addition to its financial achievements, TD Synnex launched the AI Pioneers program, an apprenticeship initiative aimed at addressing the skills gap in AI implementation. The company also introduced PartnerFirst, a digital platform designed to enhance operations for North American partners by integrating hardware, cloud, and renewals. Both initiatives reflect TD Synnex’s commitment to innovation and partner support in the technology sector. These developments highlight the company’s strategic efforts to capitalize on market opportunities and address industry challenges.
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