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Claritev Corp (NYSE:CTEV) announced the appointment of Brock Albinson as Senior Vice President and Chief Accounting Officer, effective Monday. Albinson will also serve as the company’s principal accounting officer, succeeding Gerald Kozel.
According to a press release statement included in a recent SEC filing, Albinson previously held a series of financial management positions at Automatic Data Processing, Inc. (NASDAQ:ADP) from 2007 to 2024, most recently as Corporate Controller and Principal Accounting Officer. Before joining ADP, he worked at PricewaterhouseCoopers from 1997 to 2007. Despite current challenges, InvestingPro analysis shows Claritev maintains a healthy gross profit margin of 74.4% and generated $517.6 million in EBITDA over the last twelve months.
Claritev stated that Albinson does not have any family relationship with the company’s directors or executive officers and has no material interest in transactions requiring disclosure under SEC regulations.
Albinson’s compensation package includes an annual base salary of $375,000 and eligibility for an annual cash incentive award targeted at 50% of his annual base salary, including for 2025. Beginning in 2026, he will be eligible for long-term incentive grants with an annual target equal to 150% of his base salary, subject to approval by the company’s Compensation Committee.
Additionally, Claritev plans to grant Albinson restricted stock units valued at $150,000, with the number of units determined by the fair market value of the company’s Class A common stock on September 30. These units will vest in equal annual installments over four years, contingent on his continued employment and subject to the company’s 2020 Omnibus Incentive Plan.
This information is based on a press release statement contained in Claritev’s recent SEC filing.
In other recent news, Claritev Corp reported a 3.5% increase in revenue for the second quarter of 2025, reaching $241.6 million. The company has adjusted its full-year revenue guidance, now forecasting a flat to a 2% increase. During the earnings call, Claritev highlighted new product launches and a strategic focus on AI initiatives and cost reductions. Piper Sandler has significantly raised its price target for Claritev from $44 to $86, maintaining an Overweight rating on the stock. This increase follows what Piper Sandler described as a "beat and raise" in Claritev’s second-quarter results, which could signal a new operating regime for the company. These developments indicate a period of change and adjustment for Claritev, as it navigates new opportunities and challenges.
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