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Cannae Holdings unveils leadership reshuffle

EditorIsmeta Mujdragic
Published 02/12/2024, 07:16 AM
Updated 02/12/2024, 07:16 AM
© Reuters.

LAS VEGAS - Cannae Holdings, Inc. (NYSE:CNNE) has announced a reshuffling of its leadership team, with Chairman William P. Foley II taking on the additional role of Chief Executive Officer and Richard Massey appointed as Vice Chairman of the Board. These changes, effective immediately, were disclosed by the company today.

Foley, who will maintain his position as Chairman, expressed enthusiasm about his new role as CEO, stating his commitment to working alongside Massey and the portfolio management team. The focus remains on sourcing new private investment opportunities that promise substantial, risk-adjusted returns. Richard Massey will continue his collaboration with Foley on investment opportunities while serving as Vice Chairman.

Cannae Holdings specializes in acquiring interests and actively managing a select group of operating companies. The firm emphasizes long-term ownership without predetermined time constraints for the sale or disposal of its businesses. This approach is aimed at maximizing shareholder value through active involvement in management and operations.

The company's portfolio includes significant stakes in several publicly traded companies. Cannae owns approximately 18% of Dun & Bradstreet Holdings, Inc. (NYSE:DNB), 10% of Alight, Inc. (NYSE:ALIT), 3% of Dayforce, Inc. (NYSE:DAY), 31% of System1, Inc. (NYSE:SST), and 6% of Paysafe Limited (NYSE:PSFE). Other principal holdings include a 32% stake in Sightline Payments, 6% in Computer Services, Inc., and roughly 48% in Black Knight (BMV:BKIN) Football & Entertainment, LP.

The information provided is based on a press release statement from Cannae Holdings, Inc.

InvestingPro Insights

In light of the recent leadership changes at Cannae Holdings, Inc. (NYSE:CNNE), investors may be curious about the company's financial health and market performance. With a market capitalization of $1.49 billion, Cannae Holdings is navigating through challenging financial waters. The company reported a gross profit of $40.5 million over the last twelve months as of Q3 2023, with a gross profit margin standing at 6.68%. This indicates some pressure on profitability, which aligns with the InvestingPro Tips noting weak gross profit margins and the lack of profitability over the last twelve months.

Despite these challenges, Cannae Holdings has demonstrated a strong return over the last three months, with an 18.57% price total return. This robust short-term performance may signal investor confidence in the company's strategic direction and the potential for turnaround following the reshuffle in its leadership team. However, it's worth noting that analysts have revised their earnings downwards for the upcoming period and do not anticipate the company to be profitable this year, which could temper expectations.

For those looking to delve deeper into Cannae Holdings' financials and future prospects, InvestingPro offers additional insights with more InvestingPro Tips. Currently, there are 6 more tips available that could provide further guidance on investment decisions. To access these insights and take advantage of a special offer, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at

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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