UL Solutions announces board changes, nominates new director

NORTHBROOK, Ill. - UL Solutions Inc. (NYSE: ULS), a company specializing in safety science with a market capitalization of $11.48 billion, has announced upcoming changes to its board of directors. The company will not be nominating Director Frank Coyne for re-election at the 2025 annual meeting of stockholders due to the board's director retirement policy. Additionally, Director Lisa Lambert has decided not to stand for re-election for personal reasons. The company has shown impressive performance, with a 65% return over the past year and maintaining strong gross margins of 48%.InvestingPro analysis indicates the stock is currently trading in overbought territory, with multiple valuation metrics suggesting premium pricing. Subscribers can access 13 additional key insights about UL Solutions' current market position.

The board plans to nominate Vikram Kini, the current senior vice president and chief financial officer of Ingersoll Rand (NYSE:IR) Inc., for election at the annual meeting. Kini brings a wealth of experience from his financial leadership roles at Ingersoll Rand and previous positions at Gardner Denver Holdings, Inc., General Electric Company (NYSE:GE), and SABIC. His nomination comes as UL Solutions maintains a moderate debt level and demonstrates strong profitability metrics, according to InvestingPro data.

Jennifer Scanlon, president and CEO of UL Solutions, expressed gratitude for Coyne's 16 years of service and Lambert's contributions since June 2021. She also welcomed Kini's nomination, highlighting his valuable experience and expertise.

In line with these transitions, the board has approved a reduction in the number of board members from 13 to 12, to take effect at the annual meeting.

UL Solutions is known for providing testing, inspection, certification services, software products, and advisory offerings to customers globally. The UL Mark, a symbol of trust, reflects the company's commitment to advancing safety.

The company will file a definitive proxy statement with the U.S. Securities and Exchange Commission (SEC) concerning Kini's nomination, which will include detailed information about the company and the board nominee. Investors and stockholders are encouraged to read the proxy statement carefully once it becomes available.

This announcement is based on a press release statement. Investors seeking deeper insights into UL Solutions' financial health, including detailed valuation metrics and growth prospects, can access comprehensive analysis through InvestingPro, which currently features over 30 additional financial metrics and expert insights.

In other recent news, UL Solutions Inc. has made notable strides in its business operations. The company recently announced an increase in its quarterly dividend, with the board of directors declaring a new dividend of $0.13 per share. This represents a $0.005 rise per share, bringing the annual dividend to $0.52 per share, a 4% increase from the previous rate. The dividend is scheduled for distribution in March 2025 to shareholders recorded by the close of business in February 2025.

In addition to financial developments, UL Solutions has also seen changes in its leadership team. The company appointed Alex Dadakis as the new Executive Vice President, Chief Business Operations and Innovation Officer, effective from January 2025. Dadakis, who will report directly to Jennifer Scanlon, the president and CEO of UL Solutions, is set to leave his current role at Knauf Group, Gebr KG in Germany. His new responsibilities at UL Solutions will include overseeing operational functions and leading efforts in strategy, commercial excellence, communications, technology, and innovation. These recent developments reflect UL Solutions' ongoing commitment to enhancing its operations and shareholder value.

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