SUGAR LAND, Texas - Team, Inc. (NYSE: TISI), a provider of specialized industrial services, announced Monday the expansion of its Board of Directors with the appointment of Pamela J. McGinnis as a Class II director.
The effective date of this appointment was the previous Monday, and Ms. McGinnis will serve until the company's annual meeting of shareholders in 2024, with an intention to stand for re-election for a term until 2027.
With the addition of Ms. McGinnis, the Board's size has increased from six to seven directors. Her role will also extend to serving on the Board's Compensation Committee. Michael Caliel, TEAM's Executive Chairman, expressed confidence in the new appointee, citing her "extensive commercial, procurement, and operational expertise in the oil and gas industry" as valuable assets to the company's long-term objectives.
Ms. McGinnis brings over three decades of experience from her tenure at Phillips 66 (NYSE:PSX) and its predecessor companies, Conoco and ConocoPhillips (NYSE:COP). Her roles at Phillips 66 included Corporate Vice President of Global Sales, Retail Operations and Marketing, and Chief Procurement Officer. Her experience is expected to contribute to TEAM's strategic goals, which focus on enhancing the company's intrinsic value.
Team, Inc., headquartered in Sugar Land, Texas, operates in 15 countries, providing a range of services from conventional to specialized inspection, condition assessment, maintenance, and repair services aimed at improving safety, reliability, and operational efficiency for clients' critical assets.
The statement regarding the appointment of Ms. McGinnis to Team Inc.'s Board of Directors is based on a press release from the company.
InvestingPro Insights
As Team, Inc. (NYSE: TISI) welcomes Pamela J. McGinnis to its Board of Directors, investors are keeping a close eye on the company's financial health and market performance. Recent data from InvestingPro reveals some challenges and opportunities for TISI. The company's market capitalization stands at a modest $35.72 million, reflecting its position in the market.
With a negative price-to-earnings (P/E) ratio of -0.44 for the last twelve months as of Q4 2023, TISI's profitability is under scrutiny, especially given the company's significant debt burden and difficulties with cash flow, as highlighted by InvestingPro Tips.
Despite the challenges, TISI has experienced a remarkable return over the last year, with a 70.24% total price return, indicating a potential turnaround or market optimism for the company's future. This is coupled with a 43.66% price total return over the last month, which could suggest that recent strategic decisions, including board appointments, are being well-received by investors. Additionally, TISI's liquid assets exceed its short-term obligations, providing some financial stability.
For investors seeking deeper insights, InvestingPro offers a total of 16 InvestingPro Tips for TISI, including detailed analysis on debt management, cash flow, and stock volatility. To make the most of these insights and enhance your investment strategy, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
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