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Broadridge Financial Solutions 8-K Report, Executive Changes (Jun 4, 2024)

Reports
Leadership Changes·Regulation FD·Exhibits & Filings
Filing Date
Filed June 4, 2024
Period End
May 31, 2024
Security
BR
In the record · 2016–202610-K1110-Q338-K224

BR filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 224 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Feb ’17Feb ’17
  2. Material agreement8-K · Jan ’20Jan ’20
  3. Leadership change8-K · Aug ’22Aug ’22
  4. Leadership change8-K · Jun ’26Jun ’26

01—Abstract

Summary

Summary of the 8-K filed June 4, 2024. Cited figures are marked; the original filing is the authoritative source.

Broadridge Financial Solutions, Inc. (NYSE: BR) disclosed in this Form 8-K filed June 4, 2024 that Edmund Reese, Vice President and Chief Financial Officer, is resigning to pursue other career opportunities, effective June 30, 2024.

The filing states his departure is not based on any disagreement with the Company's independent auditors or the Company on any matter. Per the attached press release (Exhibit 99.1), Mr. Reese is becoming Chief Financial Officer of Aon. Ashima Ghei, currently CFO of the Investor Communication Solutions segment, will serve as Interim Chief Financial Officer effective July 1, 2024, while the Company conducts a search for a permanent successor that will include internal and external candidates.

The press release describes the segment as having $4.5 billiona in revenue. CEO Tim Gokey said Mr. Reese leaves Broadridge poised to deliver another year of steady and consistent growth, on track to achieve the Company's three-year financial objectives. The press release also cites that from fiscal 2020 to fiscal 2023, Broadridge's market capitalization grew 38% to $24 billion, while annualized recurring revenue and Adjusted EPS grew 11% and 12%, respectively, during Mr. Reese's tenure as CFO since 2020.

02—Key points

Key Highlights

  1. Edmund Reese, Vice President and CFO, resigns effective June 30, 2024 to pursue other career opportunities; the press release states he is becoming CFO of Aon.
  2. Ashima Ghei, CFO of the Investor Communication Solutions segment since January 2022, becomes Interim CFO effective July 1, 2024.
  3. Broadridge has launched a search for a permanent CFO that will include both internal and external candidates.
  4. The filing states Mr. Reese's departure is not based on any disagreement with the auditors or the Company.
  5. The press release cites a $4.5 billion revenue Investor Communication Solutions segment, led by the interim CFO.
  6. Management reiterated that Broadridge is on track to achieve its three-year financial objectives, per CEO Tim Gokey.
  7. During Mr. Reese's tenure since 2020, market capitalization grew 38% to $24 billion and annualized recurring revenue and Adjusted EPS grew 11% and 12% from fiscal 2020 to fiscal 2023.

03—Questions

Frequently Asked Questions

  1. Why is the CFO leaving Broadridge?

    The filing states Mr. Reese is resigning to pursue other career opportunities. The press release says he is becoming Chief Financial Officer of Aon.

  2. When does the CFO transition take effect?

    Mr. Reese's resignation is effective June 30, 2024, and Ashima Ghei becomes Interim Chief Financial Officer effective July 1, 2024.

  3. Who is Ashima Ghei?

    Ms. Ghei has been CFO of the Investor Communication Solutions segment since January 2022 and is a member of the Executive Leadership Team. Previously she spent 18 years at American Express, most recently as Head of Merchant Pricing for the Americas.

  4. Is the company searching for a permanent CFO?

    Yes. The company has initiated a search process for a permanent successor that will include both internal and external candidates.

  5. Was the departure related to any dispute?

    The filing states the departure is not based on any disagreement with the Company's independent auditors or the Company on any matter.

04—Continue

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