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ATI appoints Kimberly A. Fields as new President and CEO

EditorIsmeta Mujdragic
Published 02/23/2024, 09:23 AM
Updated 02/23/2024, 09:23 AM
© Reuters.

DALLAS - ATI (NYSE: ATI), a global producer of high-performance materials and solutions, has announced the appointment of Kimberly A. Fields as its new President and CEO, effective from July 1, 2024. Fields, who has been serving as ATI's Chief Operating Officer since 2022 and President since July 2023, will also join the company's Board of Directors immediately.

Fields will be taking over from Robert S. Wetherbee, who has led the company since 2018 and will transition to the role of Executive Chairman. During his tenure, Wetherbee has been instrumental in repositioning ATI as a leader in the aerospace and defense sectors. Wetherbee expressed confidence in Fields' capabilities, stating, "Kim is ready to lead this organization. Her demonstrated operational and commercial success makes her proven to perform."

Prior to her roles at ATI, Fields held significant leadership positions at IDEX (NYSE:IEX) Corporation and GE, where she was recognized for driving profitability and growth. She holds a BS in Ceramic Engineering from the University of Illinois at Champaign-Urbana and an MBA from the Kellogg (NYSE:K) Graduate School of Management at Northwestern (NASDAQ:NWE) University.

In her statement, Fields acknowledged the efforts of the ATI team and expressed confidence in continuing the company's growth trajectory. "I am confident in our ability to continue ATI's incredible trajectory," she said.

Brett Harvey, ATI's Lead Independent Director, praised Wetherbee's transformative leadership, particularly through the challenges of the pandemic, and expressed enthusiasm for Fields' upcoming tenure: "We look forward to working with Kim to build on this success and drive long-term sustainable growth."

This leadership transition is part of ATI's strategy to achieve its financial goals, including reaching $5 billion in revenue and $1 billion in EBITDA by 2027.

ATI specializes in materials science, producing materials and solutions for demanding applications in the aerospace, defense, electronics, medical, and specialty energy sectors. The company is known for partnering with customers to deliver materials that meet the challenges of today and tomorrow.

The information is based on a press release statement from ATI.

InvestingPro Insights

As ATI (NYSE: ATI) gears up for a leadership transition with Kimberly A. Fields at the helm, the company's financial health and stock performance provide a backdrop to the strategic direction she may take. With a market capitalization of $5.93 billion, ATI's size positions it as a significant player in the high-performance materials sector.

InvestingPro Tips suggest that ATI's management is confident in the company's future, as evidenced by aggressive share buybacks. This could reflect an internal belief that the stock is undervalued or a commitment to enhancing shareholder value. Moreover, the fact that ATI's liquid assets exceed its short-term obligations indicates a strong liquidity position, which is crucial for sustaining operations and pursuing growth opportunities.

From a valuation perspective, ATI's P/E ratio stands at 14.36, aligning with the adjusted P/E ratio for the last twelve months as of Q4 2023, which is 14.19. This suggests that the stock is priced fairly in relation to its earnings. Additionally, the company's Price / Book multiple of 4.32 indicates that investors are willing to pay a premium for ATI's net assets, potentially due to the quality of its balance sheet or growth prospects.

InvestingPro Tips also reveal that analysts are predicting profitability for ATI this year, which is supported by the company's positive performance over the last twelve months. It's worth noting that while three analysts have revised their earnings estimates downwards for the upcoming period, the overall outlook remains optimistic.

For readers interested in a deeper dive into ATI's financials and stock performance, there are 7 additional InvestingPro Tips available at: https://www.investing.com/pro/ATI. To access these insights and more, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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