HOUSTON - USD Partners LP (OTC: OTC:USDP) and US Development Group, LLC disclosed executive shifts Thursday, with the resignation of Adam Altsuler as Executive Vice President and Chief Financial Officer, effective February 2, 2024. Altsuler is leaving to explore new opportunities but will join the USD Group Board of Directors, continuing his involvement with the company's future endeavors.
In the wake of Altsuler's departure, Kyle Schornick, currently Vice President of Finance at USD Group, will be promoted to Senior Vice President and Chief Financial Officer for both USD Partners LP and USD Group. Additionally, Amanda Wendell, Vice President of Accounting and Controller at USD Group, will ascend to the role of Senior Vice President and Chief Accounting Officer for the two entities.
Dan Borgen, the CEO and President of both USD Partners LP and USD Group, expressed gratitude for Altsuler's decade-long contributions and welcomed his ongoing participation on the Board. Borgen also highlighted the internal talent pool that facilitated the immediate promotions of Schornick and Wendell.
InvestingPro Insights
Following the executive changes at USD Partners LP, investors may be keen to understand the company's financial health and future prospects. According to real-time data from InvestingPro, USD Partners LP has a market capitalization of $5.57 million and a notably high dividend yield of 322.45%, reflecting a commitment to returning value to shareholders. This is further underscored by the fact that the company has maintained dividend payments for 9 consecutive years, an InvestingPro Tip that may appeal to income-focused investors.
Despite recent price volatility, with the stock price having fallen significantly over the last year and the last three months, USD Partners LP's gross profit margin remains robust at 57.07% for the last twelve months as of Q1 2023. However, it is important to note that analysts anticipate a sales decline in the current year, which could impact future earnings. Additionally, the company’s short-term obligations exceeding its liquid assets is a financial metric that warrants attention.
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