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Clarivate PLC (NYSE:CLVT), a leader in providing trusted information and insights to accelerate the pace of innovation, announced today that board member Michael J. Angelakis has decided to retire. Angelakis will step down from his position effective May 7, 2025, the date of the company’s next Annual General Meeting of Shareholders.
Angelakis has been a part of Clarivate’s Board of Directors, contributing to the strategic direction of the company. In a statement released by Clarivate, Angelakis confirmed that his decision to retire was not due to any disagreement with the company, its management, the Board, or any committee thereof. The company’s management has been actively engaged in share buybacks, according to InvestingPro data, which shows 13 additional key insights available to subscribers.
The announcement, which came through a filing with the U.S. Securities and Exchange Commission (SEC), did not specify a reason for Angelakis’s retirement or any plans for his successor. The company’s filing also included financial statements and exhibits as required by SEC regulations.
Clarivate has not yet announced any candidates for Angelakis’s position on the Board. The company is expected to provide more information on the transition and any changes to the Board’s composition in the coming months.
The retirement of a board member is a significant event for any publicly traded company, as it can signal changes in governance and strategic direction. However, the company has emphasized that Angelakis’s departure is amicable and not related to any internal disputes or disagreements.
Investors and stakeholders of Clarivate will be watching closely to see how this change will influence the company’s future decisions and direction. As per the SEC filing, further details regarding the company’s governance and executive team will be shared in due course.
This news is based on a press release statement and investors are advised to follow official announcements from Clarivate for further updates.
In other recent news, Clarivate PLC reported its fourth-quarter results for 2024, revealing an adjusted diluted earnings per share (EPS) of $0.21, slightly surpassing analysts’ expectations of $0.20. However, the company’s revenue for the quarter fell short, recording $663 million compared to the projected $670.96 million. Despite the earnings beat, the revenue miss has raised concerns among investors. Clarivate has announced a strategic transition to a subscription-based model, with plans to enhance recurring revenue through new product innovations. Looking ahead, the company forecasts its 2025 revenue at approximately $2.34 billion, with an EPS range of $0.60-$0.70. Analyst firms have not reported any recent upgrades or downgrades for Clarivate, but the company’s strategic initiatives indicate a focus on long-term growth. Additionally, Clarivate’s management has retained financial advisors to evaluate strategic alternatives, which may include divesting business units or entire segments. These developments reflect Clarivate’s ongoing efforts to optimize its operational structures and drive future growth.
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