SCOTTSDALE, Ariz. - Viad Corp (NYSE:VVI), a global provider of extraordinary experiences with a market capitalization of approximately $960 million, has announced the appointment of Michael Bo Heitz as its new Chief Financial Officer, effective March 2025. According to InvestingPro data, the company has demonstrated strong momentum with a 30% return over the past six months and maintains a GREAT financial health score. Heitz, who joined the company on Monday, will be based in the Denver office of Pursuit, a Viad business. He will work alongside Pursuit's President and future CEO, David Barry, to support the company's growth strategy.
Ellen Ingersoll, the current CFO since 2002, will continue in her role until the filing of the company's Form 10-K for 2024. She is credited with guiding Viad through significant transformations, during which the company has grown to generate annual revenues of $1.4 billion. She will work closely with Heitz to ensure a smooth transition. For detailed analysis of Viad's financial performance and future prospects, investors can access comprehensive research reports on InvestingPro, which covers over 1,400 US stocks.
Heitz's experience includes a decade with Vail Resorts (NYSE:MTN), where he held various leadership roles in corporate development, investor relations, and finance. His background also includes positions in private equity and investment banking, bringing a wealth of financial and strategic expertise to Pursuit.
David Barry praised Heitz's extensive financial capabilities and experience in the leisure and hospitality sector, which he believes will contribute to Pursuit's growth as a standalone public company. Heitz expressed his enthusiasm for joining Pursuit and driving the company's strategic growth objectives.
Pursuit is set to become an independent entity following the sale of Viad's GES business, expected to close on December 31, 2024. With this change, Viad will rebrand as Pursuit and change its NYSE ticker symbol to PRSU. Analysts maintain a positive outlook on the company's future, with price targets ranging from $54 to $60, suggesting potential upside. InvestingPro subscribers can access additional insights, including 12 more ProTips and detailed financial metrics that help evaluate the company's growth prospects. The new standalone company will focus on its "Refresh, Build, Buy" growth strategy in the attractions and hospitality space.
Viad operates through two businesses, Pursuit and GES, delivering experiences in attractions, hospitality, exhibition services, and experiential marketing. Pursuit owns and operates experiences in iconic destinations across the United States, Canada, and Iceland.
This news comes from a press release statement, and the company has cautioned that forward-looking statements within are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated.
The information in this article is based on a press release statement and does not contain any speculative content or endorsements of claims.
In other recent news, Viad Corp reported a robust Q3 performance, with a 25% increase in consolidated revenue, reaching $455.7 million. This growth was driven by the company's two main segments, Pursuit and GES, which respectively reported revenues of $182.3 million and $273.4 million. Adjusted EBITDA for the quarter rose significantly to $103.1 million.
A noteworthy development was the $15.9 million acquisition that bolstered Pursuit's Glacier Park Collection. Additionally, the sale of GES to Truelink Capital, expected to finalize by year-end, is seen as a strategic move to strengthen Pursuit's financial position.
Despite the impact of the Jasper National Park wildfire, which led to a $21.9 million revenue decline, Viad Corp remains optimistic about its recovery. The company anticipates a 12% revenue increase in Jasper from 2023 levels. Viad Corp's future outlook includes a revised EBITDA guidance for 2024 between $163 million and $172 million, and a projection for Pursuit's adjusted EBITDA to exceed $100 million in 2025.
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