ENGLEWOOD, Colo. - WOW! Internet, TV & Phone (NYSE: WOW), a prominent provider of broadband services, today confirmed the addition of Jose Segrera to its Board of Directors. Segrera, who brings over three decades of experience in technology and finance, will assume his position on the board and chair the Audit Committee starting May 17, 2024.
Segrera's appointment fills the vacancy left by Tom McMillin's resignation. With a background that includes serving as CFO for companies like Terremark and FirstCom, which saw successful sales to Verizon (NYSE:VZ) and AT&T respectively, Segrera is recognized for his strategic execution and financial leadership. His advisory roles span IT infrastructure and SaaS businesses, including Mac Stadium and Backpack Networks, and he is also a co-founder and partner at Segrera Associates.
Jeff Marcus, Chairman of the Board at WOW!, expressed confidence in Segrera's capabilities, highlighting his potential to contribute to the company's innovation and market expansion efforts. Segrera himself expressed eagerness to contribute to the company's growth in the rapidly evolving broadband ecosystem.
WOW! operates an efficient network serving nearly 2 million customers across residential, business, and wholesale markets, with a presence in 16 markets mainly in the Midwest and Southeast. The company offers a range of services including high-speed internet, cable TV, and cloud services. It has been recognized for its human resources practices, being named a Best & Brightest Company to Work For in the Nation multiple times.
This board-level change is based on a press release statement and reflects WOW!'s ongoing commitment to leadership that can guide the company's growth in the competitive broadband industry.
InvestingPro Insights
In the context of WOW! Internet, TV & Phone's (NYSE: WOW) recent board appointment, key financial metrics and insights from InvestingPro provide a snapshot of the company's current market standing. With a market capitalization of $289.1 million, WOW! reflects a relatively modest size in the telecommunications sector. The company's P/E ratio, as of the last twelve months ending Q4 2023, stands at -5.62, indicating that investors are not valuing earnings positively, likely due to the company's lack of profitability during this period.
Despite the challenges, management's confidence in WOW!'s potential is underscored by aggressive share buybacks, as highlighted by one of the InvestingPro Tips. This could signal a belief in the company's undervalued stock or a strategic move to enhance shareholder value. Additionally, analysts' predictions that the company will turn profitable this year provide a positive outlook for potential investors.
The company's financial health, however, raises some concerns with another InvestingPro Tip pointing out that short-term obligations exceed liquid assets, which could pose liquidity risks. Furthermore, the stock price has taken a significant hit, with a one-year total return of -69.64% as of the latest data, reflecting investor skepticism and market pressures.
For those interested in a deeper dive into WOW!'s financials and strategic positioning, InvestingPro offers additional insights and tips that could prove invaluable. There are currently 9 more tips available on InvestingPro, which can be accessed at: https://www.investing.com/pro/WOW. Readers looking to leverage these insights can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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