Advantage Solutions appoints new chief accounting officer

In a recent development, Advantage Solutions Inc. (NASDAQ:ADV), a company specializing in business services with annual revenue of $3.6 billion, announced the appointment of Daniel Gore as Chief Accounting Officer and Principal Accounting Officer. The decision was made by the board of directors on Monday, and Mr. Gore will assume his new role on Thursday, March 24, 2025. According to InvestingPro data, the company has faced challenges recently, with its stock down about 57% over the past six months.

Daniel Gore brings a wealth of experience to Advantage Solutions, having previously served as Vice President-Finance at 8th Avenue Food & Provisions since June 2023, and before that, as Senior Vice President Finance & Chief Accounting Officer at Benson Hill. His career has spanned various financial executive roles at notable companies including Save-A-Lot Stores Ltd. and Ralcorp Holdings. Mr. Gore holds a B.S. in Accounting from the University of Missouri, Columbia, and an MBA in Finance from Washington University.

As part of his compensation package, Mr. Gore will receive an annual base salary of $375,000 and is eligible for an annual target bonus of 50% of his base salary. He will also be granted restricted stock units valued at $300,000, with a vesting schedule spanning two years. Starting in 2026, he will be eligible for annual equity grants that are 50% of his base salary. The appointment comes at a crucial time, as InvestingPro analysis shows the company maintains a healthy current ratio of 1.98, indicating strong liquidity, though it faces profitability challenges with negative earnings in the last twelve months.

Christopher Growe, the previous principal accounting officer, will continue his tenure at the company as Chief Financial Officer and principal financial officer.

The company has clarified that there are no familial ties or prior arrangements involving Mr. Gore that influenced his appointment. Furthermore, Mr. Gore has not been involved in any transactions with the company that are significant enough to require disclosure under SEC regulations.

This executive change comes at a time when Advantage Solutions continues to position itself strategically in the business services sector. The information regarding this appointment is based on a statement from a press release. With a market capitalization of approximately $534 million, InvestingPro analysis indicates the stock is currently undervalued, trading at attractive multiples relative to its peers. Subscribers to InvestingPro can access 12 additional key insights about ADV, including detailed financial health metrics and growth forecasts in the comprehensive Pro Research Report.

In other recent news, Advantage Solutions Inc. reported its fourth-quarter and full-year 2024 earnings, highlighting a mixed financial performance. The company faced a 3% decline in Q4 revenue, totaling $762 million, while adjusted EBITDA rose by 9% to $95 million. For the full year, revenue remained flat at $3 billion, and adjusted EBITDA increased slightly by 1% to $356 million. Advantage Solutions is focusing on technology upgrades and operational efficiency to navigate market challenges. The company is also targeting low single-digit growth in both revenue and adjusted EBITDA for 2025, with significant investments planned in IT initiatives. Additionally, Advantage Solutions completed several divestitures to concentrate on core capabilities and improve transparency. The company plans to maintain quarterly EBITDA levels similar to those of 2024, with capital expenditures projected between $65 million and $75 million.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.