PLEASANTON, CA—Veeva Systems Inc. (NYSE:VEEV), a leader in cloud-based software for the global life sciences industry, announced today the appointment of Brian Van Wagener as the company's new Chief Financial Officer (CFO). The transition comes as Tim Cabral, who has been serving as the interim CFO and is a member of the Veeva Board of Directors, steps down from his interim role.
Van Wagener will assume his new position following a 60-day transition period working closely with Cabral, who will continue to serve on the company's Board of Directors. This change in leadership is detailed in a recent filing with the Securities and Exchange Commission.
Bringing over five years of experience at Veeva, Van Wagener has previously held several executive roles within the company, including vice president of global sales operations and chief of staff to the CEO. His background features a blend of business and financial planning, sales operations, corporate development, and strategy, with past roles at Monitor Deloitte, Frontier Communications (OTC:FTRCQ), and BetterUp.
"Brian brings broad experience in strategic planning, global operations, and finance as well as an in-depth knowledge of Veeva," said Veeva CEO Peter Gassner. In his role as CFO, Van Wagener will oversee finance, accounting, legal, investor relations, and treasury functions.
The announcement comes on a day when no other changes in the company's executive team have been reported. The company's filing also included exhibits such as the Cover Page Interactive Data File, which is embedded within the Inline XBRL document.
Veeva Systems, headquartered in Pleasanton, California, has been recognized for its specialized software solutions that cater to the needs of the life sciences industry.
The information reported is based on a press release statement.
In other recent news, Veeva Systems has been a subject of various financial adjustments and strategic developments.
BTIG initiated coverage on the company with a Buy rating and a price target set at $240, citing Veeva's robust platform growth. This comes amid a remarkable 41% year-over-year growth in the company's R&D Solutions and a 9% increase in Commercial Solutions. Analysts from Truist Securities, Baird, Piper Sandler, and Stifel have revised their share targets for Veeva Systems, adjusting their revenue and earnings projections for the coming fiscal years.
The company's CEO, Peter P. Gassner, was granted a performance-based stock option for 2,650,000 shares, aligning with shareholders' interests and fostering growth. The Board also decided to retain director Paul Sekhri, despite concerns over his capacity to serve on multiple boards.
These recent developments follow Veeva Systems' earnings report, which surpassed expectations but also saw the company adjust its FY2025 forecast downward by approximately 1% for both billings and revenue due to shifts in the timing of Enterprise deals and reductions in the SMB segment within R&D Solutions.
InvestingPro Insights
As Veeva Systems Inc. (NYSE:VEEV) welcomes Brian Van Wagener as its new CFO, investors may be keen to understand the financial health and market performance of the company. According to recent data from InvestingPro, Veeva Systems holds a market capitalization of $30.38 billion, reflecting its significant presence in the life sciences software industry. Despite trading at a high earnings multiple with a P/E ratio of 54.97 and an adjusted P/E ratio for the last twelve months as of Q1 2025 at 56.63, the company's solid fundamentals are evident in its revenue growth of 14.31% over the last twelve months as of Q1 2025, with an even more impressive quarterly revenue growth rate of 23.56% for Q1 2025. This growth trajectory is complemented by a robust gross profit margin of 72.48%, showcasing Veeva's ability to maintain profitability amidst its expansion efforts.
An InvestingPro Tip worth noting is that Veeva Systems holds more cash than debt on its balance sheet, providing financial flexibility for strategic initiatives under the new CFO's leadership. Additionally, the stock generally trades with low price volatility, which could appeal to investors seeking stability in their portfolio. For those looking to delve deeper into Veeva's financials and stock performance, InvestingPro offers additional insights and tips. There are 11 more InvestingPro Tips available, which can be accessed by visiting https://www.investing.com/pro/VEEV. Investors can also take advantage of the exclusive coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, providing valuable tools for informed investment decisions.
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