Associated Capital Group announces CEO retirement

GREENWICH, CT – Associated Capital Group, Inc. (NYSE:AC), a company specialized in security brokerage services with a market capitalization of $785 million, disclosed in a recent SEC filing that Douglas R. Jamieson will retire from his roles as Chief Executive Officer and President effective March 17, 2025. According to InvestingPro analysis, the company appears slightly undervalued based on its Fair Value assessment. Jamieson, however, will maintain his position on the company’s board of directors following his retirement.

The announcement, made today, also revealed that Patrick Huvane, currently serving as Vice President of Corporate Development, has been appointed as the Interim CEO. The company, which has maintained dividend payments for 9 consecutive years and boasts a healthy P/E ratio of 17.9, has not yet announced a permanent successor for the CEO position.

Associated Capital Group, originally known as Gabelli Securities Group, Inc. before its name change on May 12, 2015, is based in Greenwich, Connecticut, and operates under the jurisdiction of Delaware. The firm’s fiscal year concludes on December 31.

The transition in leadership comes at a time when the company continues to navigate the competitive landscape of the financial services industry. The appointment of an interim CEO suggests that the search for a new leader may still be in progress or that the company is taking a cautious approach to ensure a smooth transition.

The information contained in this article is based on the company’s SEC filing and provides investors with the latest developments regarding the executive changes at Associated Capital Group. The company’s stock is traded on the New York Stock Exchange under the ticker symbol AC.

In other recent news, Arca Continental reported strong financial performance in its Q4 2024 results, with consolidated revenues rising by 29.9% to MXN 64.9 billion. The company’s EBITDA also saw a significant increase of 41.7%, reaching MXN 14.2 billion, marking the highest consolidated EBITDA margin in eight years at 20.5%. This robust growth is attributed to strategic initiatives such as digital transformation and product diversification, with notable volume growth of 7.8% in Mexico. Additionally, Arca Continental has been included in the Dow Jones Sustainability World Index, reflecting its commitment to sustainability and corporate governance.

Looking ahead, the company is targeting high single-digit revenue growth in 2025 and plans to maintain its EBITDA margin at 20%. Arca Continental’s operations in the United States also showed strong results, with a 25.6% increase in EBITDA for the quarter, driven by effective management of pricing and promotional activities. The company’s digital platform strategy, particularly in Latin America, continues to be a focus, with significant adoption of its B2B application, Tuali.

Analysts have expressed optimism about Arca Continental’s future, noting the company’s resilience and adaptability in a challenging macroeconomic environment. Barclays (LON:BARC) and UBS analysts highlighted the company’s impressive performance and digital initiatives, while Scotiabank (TSX:BNS) noted the company’s success in expanding its multi-category strategy in Latin America. Despite potential challenges such as macroeconomic volatility and competitive pressures, Arca Continental remains confident in its ability to capture growth opportunities.

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