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Rockwell Automation appoints new board member

EditorNatashya Angelica
Published 02/09/2024, 12:23 AM
Updated 02/09/2024, 12:23 AM
© Reuters.

MILWAUKEE - Rockwell Automation (NYSE: NYSE:ROK), a prominent player in industrial automation and digital transformation, announced the election of Timothy M. Knavish to its board of directors on Tuesday, February 7, 2024. Knavish, who currently serves as the CEO of PPG (NYSE: PPG), brings with him a wealth of experience from his tenure at the global paints and coatings company.

Blake Moret, Chairman and CEO of Rockwell, praised Knavish's track record of leadership, particularly highlighting his expertise in managing acquisitions, promoting workforce diversity, and overseeing global manufacturing operations. Moret anticipates Knavish's diverse skills will be a valuable asset to Rockwell's board and will provide insightful counsel.

Knavish's career at PPG began in 1987, and over the years, he has ascended through various roles of increasing responsibility across all of PPG's global regions. His leadership extended to overseeing operations in Australia, New Zealand, Asia Pacific, Europe, the Middle East and Africa, and the Americas. He was appointed as PPG's Chief Operating Officer in 2022 and subsequently took on the role of Chairman and CEO in 2023.

A Pittsburgh native, Knavish holds both a Bachelor of Science in mechanical engineering and a Master of Business Administration from the University of Pittsburgh.

Rockwell Automation, headquartered in Milwaukee, Wisconsin, employs approximately 29,000 individuals and serves customers in over 100 countries. The company is dedicated to connecting human imagination with technology to enhance productivity and sustainability across industrial enterprises.

This news is based on a press release statement of Rockwell Automation.

InvestingPro Insights

As Rockwell Automation (NYSE: ROK) welcomes Timothy M. Knavish to its board, investors are closely monitoring the company's financial health and market performance. With a solid market capitalization of $31.94 billion, Rockwell Automation stands as a significant entity in the industrial automation sector. The company's commitment to dividend growth is notable, with an impressive track record of raising its dividend for 14 consecutive years, underscoring its commitment to shareholder returns.

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InvestingPro Tips suggest that Rockwell Automation has a perfect Piotroski Score of 9, indicating a very healthy financial state, which may be of interest to investors looking for financially robust companies. Additionally, the company has maintained dividend payments for 53 consecutive years, further reinforcing its reputation as a reliable dividend-paying stock. These aspects of Rockwell's financial discipline and resilience could be particularly appealing in the current market environment.

From a valuation standpoint, the company's P/E ratio stands at 24.75, which, while on the higher side, reflects investor confidence in its future earnings potential. However, it is essential to note that some analysts have tempered their expectations, with 15 analysts revising their earnings downwards for the upcoming period. This suggests that investors should keep an eye on the company's upcoming earnings report scheduled for April 24, 2024, to gauge its performance and future outlook.

For those interested in further insights and metrics, there are additional InvestingPro Tips available that delve deeper into Rockwell Automation's financials and market position. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With these tools at your disposal, you can make more informed investment decisions.

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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