E2open Parent Holdings, Inc. (NYSE:ETWO), a leader in cloud-based supply chain management software, announced the results of its 2024 Annual Meeting of Stockholders, which took place on Thursday, June 28. The meeting saw high participation from shareholders, with approximately 87.06% of the voting stock represented.
During the meeting, shareholders voted on three key proposals. The first proposal involved the election of Class III directors. Shareholders elected Chinh Chu and Andrew Appel to serve three-year terms expiring at the 2027 Annual Meeting of Stockholders.
Chu secured his position with 172,057,629 votes for and 58,077,912 withheld, while Appel received a more substantial approval with 230,501,652 votes for and only 1,009,649 withheld. There were no votes against either nominee, and broker non-votes totaled 63,671,896 and 62,296,136 respectively.
The second proposal was an advisory vote to approve the compensation of the company's named executive officers. This non-binding resolution passed with 163,226,328 votes for, 66,470,432 against, and 1,814,541 abstentions. Broker non-votes were recorded at 62,296,136.
The third and final proposal concerned the ratification of Ernst & Young LLP as E2open's independent registered public accounting firm for the fiscal year 2025. This proposal received overwhelming support, with 292,436,051 votes for, 1,082,042 against, and 289,344 abstentions. There were no broker non-votes for this proposal.
These voting outcomes reflect the shareholders' support for the company's current direction and governance. The appointment of Ernst & Young LLP also indicates confidence in the firm's ability to accurately and independently audit the company's financial statements.
This news is based on information provided in a press release statement from E2open Parent Holdings, Inc. and reflects the company's commitment to transparency and good governance practices.
In other recent news, E2open Parent Holdings has made headlines with its financial performance and strategic initiatives. The company has reported a slight year-over-year decline in subscription revenue but has projected growth for fiscal year 2025. In the fourth fiscal quarter of 2024, subscription revenue was $134.4 million, down 1.8% year-over-year. However, the full-year subscription revenue showed a minor increase of 0.7%.
Craig-Hallum and Goldman Sachs (NYSE:GS) have both maintained neutral ratings on E2open, while raising their price targets to $4.50, following strategic changes within the company. These changes include the implementation of two distinct go-to-market strategies and increased partnerships with system integrators.
Analysts from both firms have noted the company's efforts to enhance client engagement and reduce customer churn, but they also emphasize the need for E2open to demonstrate accelerated revenue growth.
The company has identified an estimated $2 billion in untapped opportunities within its current customer base, which it plans to capture by promoting additional products. CEO Andrew Appel has expressed optimism about the company's go-to-market strategy and its focus on customer satisfaction and retention. Despite the recent revenue decline, E2open is confident in its transition to sustainable double-digit organic growth.
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