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Madison Square Garden Entertainment Corp. (NYSE:MSGE), currently trading at $31.99 and showing a challenging six-month decline of 32%, has announced the appointment of David Collins as Executive Vice President and Chief Financial Officer, effective April 14, 2025. According to InvestingPro analysis, the company appears to be trading below its Fair Value despite maintaining profitability with $126.29 million in net income over the last twelve months. Collins, 56, will take over the role following his tenure at Harris Blitzer Sports and Entertainment LLC, where he served as CFO and Executive Vice President until April 1, 2025.
Collins brings a wealth of experience to MSGE, having managed finance, accounting, strategy, IT, and ticket operations for major sports teams and venues, including the Philadelphia 76ers and the New Jersey Devils. His background includes senior financial positions at Experis Finance, Base Entertainment, Sterling Chemicals, Inc., Petrosearch Energy Corporation, and Ernst & Young.
Under the terms of his employment agreement, Collins will receive an annual base salary of $700,000. Starting with the fiscal year commencing July 1, 2025, he will be eligible for an annual target bonus equal to his base salary and will participate in long-term incentive programs. Additionally, he will receive a one-time special cash payment of $450,000 within thirty days of his start date and a one-time special award of restricted stock units valued at $450,000, with vesting over three years.
Collins will also be entitled to standard company benefits and, in the event of termination under certain conditions before the third anniversary of his commencement date, severance pay, unpaid bonuses, and immediate vesting of long-term cash and stock awards.
Furthermore, on the same day, Claire Sweeney was appointed as a Class B director to MSGE's board of directors to fill an existing vacancy.
This executive transition, outlined in an 8-K filing with the SEC, reflects MSGE's ongoing leadership changes. The information reported here is based on the SEC filing and does not include any speculative or subjective assessments.
In other recent news, Madison Square Garden Entertainment has appointed David Collins as the new Executive Vice President and Chief Financial Officer. Collins, who will assume his role soon, comes with over 30 years of financial expertise, particularly in the live entertainment and sports sectors. He will be responsible for guiding the company's financial strategy and will report directly to Executive Chairman and CEO James L. Dolan. Meanwhile, Macquarie analysts have shown continued confidence in Madison Square Garden Entertainment by raising the company's price target to $250 from $240, while maintaining an Outperform rating. This adjustment follows a mixed second-quarter performance where revenue exceeded expectations, but higher costs impacted adjusted operating income. The analysts noted the resolution of a significant carriage deal between MSG Networks (NYSE:MSGN) and Optimum, which is expected to positively influence the company's business. They also highlighted the strategic value of the company's assets and its strong positioning within the New York City market. These recent developments underscore the ongoing strategic initiatives and market positioning of Madison Square Garden Entertainment.
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