NEEDHAM, Mass. - SharkNinja, Inc. (NYSE: SN), a renowned product design and technology company, announced the appointment of Patraic Reagan as Chief Financial Officer, effective April 22, 2024.
Reagan's extensive background includes a recent tenure as CFO of Nike Inc (NYSE:NKE).'s Asia, Pacific, and Latin America segment, contributing to years of strong revenue growth and EBIT expansion.
Reagan is set to manage SharkNinja's financial strategies and steer the global finance organization, encompassing financial planning and analysis, accounting, treasury, tax, internal audit, and investor relations. His role is critical as the company aims to enhance its consumer-problem-solving engine and drive long-term shareholder value.
Mark Barrocas, CEO of SharkNinja, expressed confidence in Reagan's ability to lead and impact the company positively, citing his profitable growth track record, international experience, and leadership capabilities.
Larry Flynn, who filled the interim CFO role since June 2023, will continue as Chief Accounting Officer. Barrocas acknowledged Flynn's valuable leadership during the company's transition to a publicly traded entity.
Reagan's career spans over two decades, with significant roles at Coach Inc (NYSE:TPR)., Polo Ralph Lauren Corporation (NYSE:RL), Kraft Foods (NASDAQ:KHC), and Chiquita Brands International, before his impactful journey at Nike. He is poised to contribute to SharkNinja's growth strategy and innovative trajectory.
Based in Needham, Massachusetts, SharkNinja operates under two global brands, Shark and Ninja, and is known for its disruptive innovation in the consumer products market. The company's products are sold worldwide through various retailers and distributors.
This news is based on a press release statement.
InvestingPro Insights
As SharkNinja welcomes Patraic Reagan as the new CFO, investors are keenly observing the company's financial health and growth prospects. With a market capitalization of $8.75 billion, SharkNinja is trading at a forward P/E ratio of 48.02, reflecting investor confidence in its earnings potential. The company's revenue for the last twelve months as of Q4 2023 stood at $4.25 billion, indicating a solid growth of 14.43%.
SharkNinja's financial strategies under Reagan's stewardship will be critical, especially considering the company's high Price / Book multiple of 5.92, which suggests a premium valuation. This aligns with the InvestingPro Tips that highlight SharkNinja's trading near its 52-week high, with the price at 99.98% of this peak. Moreover, analysts have revised their earnings upwards for the upcoming period, which could be a response to the company's strong performance metrics, such as a gross profit margin of 44.85%.
For investors seeking more in-depth analysis, there are additional InvestingPro Tips available that could provide further insights into SharkNinja's financial outlook. By using the coupon code PRONEWS24, investors can get an extra 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro. The full suite of tips includes expectations of net income growth for the year and a moderate level of debt, which may be particularly relevant for assessing the company's financial leverage and profitability potential in the context of Reagan's appointment.
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