Atlanta Braves Holdings, Inc. (NASDAQ:BATRA) (NASDAQ:BATRK) unveiled a series of executive appointments as part of an ongoing transition in management, according to a recent 8-K filing with the Securities and Exchange Commission.
Terence F. McGuirk, previously Chairman and CEO of Braves Holdings, LLC, has been named President and Chief Executive Officer of the company, effective September 1, 2024, without any changes to his compensation package.
McGuirk, 73, has a long-standing association with the company and its subsidiary entities, having held various positions within Turner Broadcasting System, Inc. and the Atlanta Braves organization. Notably, his appointment as President and CEO of Atlanta Braves Holdings, Inc. comes with no additional salary, bonuses, or awards.
In addition to McGuirk's appointment, Jill Robinson, age 54, has been promoted to Executive Vice President, Chief Financial Officer, and Treasurer. Robinson's previous role as CFO of Braves Holdings since April 2018 followed a tenure at McKesson Corporation (NYSE:MCK). Her new position with Atlanta Braves Holdings, Inc. also does not include an increase in compensation.
The company also announced the appointments of Greg Heller as Executive Vice President, Chief Legal Officer, and Secretary; Mike Plant as Executive Vice President, Development; DeRetta Rhodes as Executive Vice President, Chief Culture Officer; and Derek Schiller as Executive Vice President, Business. These appointments are part of a broader realignment following the transition of certain services from Liberty Media Corporation (NASDAQ:FWONA) to Atlanta Braves Holdings, Inc.
In other recent news, Atlanta Braves Holdings, Inc. has disclosed the results of its annual stockholders meeting. During the meeting, the re-election of Brian M. Deevy as a Class I member of the board of directors was confirmed. His tenure is set to continue until the 2027 annual meeting or until his earlier resignation or removal.
In addition to board elections, stockholders ratified the selection of KPMG LLP as the company's independent auditors for the fiscal year ending December 31, 2024. The compensation of the company's named executive officers also received approval on an advisory basis, in a move known as the "say-on-pay" proposal.
Furthermore, the frequency of future "say-on-pay" votes was determined, with stockholders advising that such votes should occur every three years. These developments highlight the recent activities within Atlanta Braves Holdings, providing insights into the company's governance and operational decisions.
InvestingPro Insights
As Atlanta Braves Holdings, Inc. (NASDAQ:BATRA) navigates through its management transition, it's important for investors to consider the company's financial health and market performance. According to InvestingPro, BATRA currently has a market capitalization of $2.85 billion. Despite a revenue growth of 6.75% in the last twelve months as of Q2 2024, the company's gross profit margin stands at 22.71%, reflecting some challenges in profitability. This is further evidenced by the company not being profitable over the last twelve months, with a reported operating income margin of -6.26%.
InvestingPro Tips suggest that BATRA suffers from weak gross profit margins and short-term obligations exceeding liquid assets, which could be areas of concern for potential investors. Additionally, the company is trading at a high Price/Book multiple of 5.33, which might indicate that the stock is valued relatively high compared to its book value. For investors seeking more detailed analysis, there are over 10 additional InvestingPro Tips available, which can provide deeper insights into BATRA's financial metrics and market position.
These financial metrics and InvestingPro Tips should be considered alongside the company's strategic leadership changes to get a comprehensive view of its future prospects. For those interested in exploring further, additional tips can be found at InvestingPro's dedicated BATRA section.
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