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On Monday, AppLovin Corp (NASDAQ:APP), a $93.6 billion market cap company specializing in computer programming and data processing services, announced the appointment of Maynard Webb to its Board of Directors. The company, which has delivered an impressive 207% return over the past year and achieved 43% revenue growth, welcomes Webb, 69, who brings a wealth of experience from his tenure in various high-profile technology companies.
Webb is the Founder of Webb Investment Network, a venture capital firm he started in 2010. His previous roles include Chairman of the board at Liveops, Inc., COO of eBay (NASDAQ:EBAY), Inc., and executive positions at Gateway, Inc., and Bay Networks, Inc. He also holds board positions at Salesforce (NYSE:CRM), Inc. and Visa Inc (NYSE:V)., and has a Bachelor's degree from Florida Atlantic University. According to InvestingPro, AppLovin maintains a GREAT financial health score, with 18 additional exclusive insights available to subscribers.
The company confirmed that Webb's appointment was not the result of any pre-existing arrangements or understandings with other company members. Furthermore, there are no family ties between Webb and any current directors or executive officers of the company, and no related party transactions necessitating disclosure.
Webb will receive the standard compensation for non-employee directors as per the company's policy and will enter into the company's standard indemnification agreement.
In related news, Edward Oberwager has decided not to stand for re-election at AppLovin's 2025 Annual Meeting of Stockholders. Oberwager will continue to serve on the board until the end of his current term, which concludes at the upcoming annual meeting. The company stated that his departure is not due to any disagreements with the company or its management.
This information is based on a press release statement filed with the SEC.
In other recent news, AppLovin Corporation has announced the appointment of Maynard Webb as an independent director to its Board of Directors. Webb, known for his extensive experience in the tech industry, will also join the Audit Committee and Nominating and Corporate Governance Committee. Meanwhile, Jefferies analyst James Heaney has adjusted the price target for AppLovin to $460, down from $600, while maintaining a Buy rating. Heaney's analysis highlights positive feedback from advertisers on AppLovin's e-commerce advertising platform. On a related note, Citi analysts have maintained their Buy rating and a $600 price target for AppLovin, despite the company's low probability of acquiring TikTok's assets outside of China. AppLovin has expressed interest in purchasing TikTok's non-China operations, although this remains a preliminary step with no certainty of a transaction. This potential acquisition would be subject to regulatory approval and other closing conditions. AppLovin's interest in TikTok underscores its ambition to expand its business scope and integrate TikTok's platform with its services.
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