GREENWOOD VILLAGE, CO – TTEC Holdings, Inc. (NASDAQ:TTEC), a leading provider of customer experience services with a market capitalization of $230 million, announced today the upcoming departure of its Chief Accounting Officer, Francois Bourret, and the subsequent appointment of Kenneth R. Wagers, III, as the new principal accounting officer effective January 31, 2025. According to InvestingPro analysis, the company currently trades below its Fair Value, suggesting potential upside opportunity despite recent challenges.
Bourret, who has played a significant role in the company's financial operations, will resign from his position to accept a Chief Financial Officer role outside of TTEC's industry. His decision to leave the company was made public in the latest SEC filing by TTEC Holdings.
The company expressed its gratitude for Bourret's contributions and wished him well in his new endeavor. InvestingPro data reveals the company operates with a significant debt burden, maintaining a debt-to-equity ratio of 4.11, though its current ratio of 1.93 indicates adequate liquidity to meet short-term obligations.
With Bourret's departure, Wagers, currently serving as TTEC's Chief Financial Officer, will take on the additional responsibilities of the principal accounting officer. This change will also take effect on January 31, 2025. According to the company's statement, Wagers will not receive any additional compensation or equity awards for assuming these extra duties.
Wagers' qualifications and experience with TTEC were detailed in the company's 2024 Definitive Proxy Statement, which the company referred to in the SEC filing. The company emphasized that this information is incorporated by reference, underlining his suitability for the expanded role within TTEC.
The company's filing with the Securities and Exchange Commission on Friday confirmed these executive transitions and clarified that these changes are part of its standard corporate governance practices.
Investors and stakeholders of TTEC Holdings are reassured that the company's leadership and financial oversight remain in experienced hands, as Wagers brings a wealth of knowledge and expertise to his expanded role. The information reported is based on the official statement filed with the SEC.
In other recent news, TTEC Holdings, Inc. reported its Q3 2024 results, showcasing resilience amid prevailing market challenges. The company recorded a revenue of $529 million, down 12.2% from the previous year, and an adjusted EBITDA of $50 million. TTEC's strategic focus includes acquiring new clients, enhancing AI-enabled customer experience solutions, and improving operational agility.
The company also plans to expand its offshore investments and reduce its net debt, which currently stands at $1.028 billion. TTEC's CEO, Ken Tuchman, expressed optimism about the potential for growth in the Digital segment and offshore investments.
The company anticipates a return to long-term organic growth and profitability in 2025, with revenue expected to reach $2.235 billion and EBITDA at $209 million. These recent developments highlight TTEC's strategic approach to navigate economic uncertainties and position itself for future growth.
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