Fannie Mae, Freddie Mac shares tumble after conservatorship comments
HOUSTON, TX – ENGlobal Corp (NASDAQ:ENG), a provider of engineering and automation services, announced the resignation of Darren W. Spriggs as its Chief Financial Officer, Treasurer, and Corporate Secretary. The departure, effective April 1, 2025, was not due to any disagreement with the company’s practices or ethics policy. The company, which has demonstrated strong financial health with an "EXCELLENT" rating according to InvestingPro metrics, has seen its stock rise approximately 11% over the past year.
The company, headquartered in Houston, Texas, stated that Spriggs’ decision to step down was not related to any issues regarding financial disclosures or accounting principles. ENGlobal is actively reviewing candidates to fill the now-vacant role of principal financial and accounting officer.
ENGlobal, which operates within the engineering services industry, is incorporated in Nevada and trades on The Nasdaq Stock Market under the ticker symbol ENG. The company’s business address and principal executive offices are located at 11740 Katy Fwy, Energy Tower III, in Houston.
The information regarding this corporate change is based on a recent SEC filing by the company. ENGlobal has yet to disclose further details on the search for Spriggs’ successor or any interim arrangements for the CFO position.
Investors and stakeholders are keeping a close watch on how this transition will unfold, as the company looks to maintain its financial leadership and strategic direction following Spriggs’ departure.
In other recent news, Enagas (BME:ENAG) reported a 3.2% increase in after-tax profit for 2024 compared to the previous year, demonstrating strong financial performance. The company exceeded its EBITDA targets and significantly reduced its net debt by 28%, showcasing effective financial management. Enagas is investing heavily in hydrogen infrastructure, planning a 2,500-kilometer network in Spain as part of its strategy to achieve net zero emissions by 2040. The company’s strategic focus on sustainable energy is further emphasized by its commitment to increasing total investments by 45% compared to its 2022 strategy, with a significant portion directed towards hydrogen infrastructure. Enagas aims for its hydrogen assets to surpass natural gas assets by 2030, with a projected EBITDA of €875 million by that year.
In other developments, Enagas received an upgrade to a BBB+ rating from both Standard & Poor’s and Fitch, reflecting a positive outlook on the company’s financial health. Additionally, the company successfully resolved a long-standing arbitration case related to its gas pipeline investment in Southern Peru, which ended favorably after seven years of proceedings. The company’s commitment to sustainability is underscored by a 22.5% reduction in CO2 emissions, exceeding its original target. These recent developments highlight Enagas’s strategic positioning in the European energy transition, with an emphasis on hydrogen infrastructure and sustainability.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.