U.S.-based Forgent Power Solutions announced that its CFO would depart less than 9 months after the IPO, sending the stock down approximately 21% for the week to $24.92. Current Executive Vice President of Finance Amy Ard was named as his successor.
U.S.-based Forgent Power Solutions announced on Thursday that CFO Ryan Fiedler would depart to pursue an external consulting role. The stock closed at $24.92 on 22 October, down 21.3% from the previous week’s closing price of $31.68. Trading volume surged to approximately 23.98 million shares.
The company said that Executive Vice President of Finance and founding member Amy Ard had been named as Fiedler’s successor. Fiedler will work with Ard on the transition for several weeks and indicated that he intends to spend more time with his family.
Although the company indicated that revenue and adjusted EBITDA for the current quarter are expected to exceed its previous forecasts, its trailing P/E stood at 132.9x, well above the peer average. The stock is down 62.2% from its June high of $66.00.
Investors are expected to closely watch the results for the first quarter of fiscal 2027, due to be announced on 12 November. As the sustainability of the company’s financial structure and margins is assessed, whether it is public or private, Ard will lead its financial strategy.