STAMFORD, CT – Gartner Inc. (NYSE:IT), a leading research and advisory company with a market capitalization of nearly $40 billion, announced the retirement of long-standing board member James Smith, effective immediately.
Smith, who has been a part of Gartner's board since 2002, stepped down on Monday, the company disclosed in a recent SEC filing. According to InvestingPro analysis, Gartner maintains a strong financial health rating, reflecting its solid market position.
According to the filing, Smith's decision to retire was not the result of any disagreements with the company’s operations, policies, or practices. Gartner expressed gratitude for Smith's contributions, which have been integral to the company's growth and progress over the years.
The announcement came as part of Gartner's regulatory filing with the Securities and Exchange Commission dated December 3, 2024. The company, headquartered in Stamford, Connecticut, is known for its management consulting services and is a go-to resource for insights and tools across various industries.
Smith's departure from the board marks the end of a 22-year tenure, during which Gartner has evolved and expanded its global presence. The company did not immediately name a successor or provide details on how the board composition would change following Smith’s retirement.
Gartner's executive vice president and chief financial officer, Craig W. Safian, signed off on the SEC filing, affirming the accuracy of the reported information.
InvestingPro data shows seven analysts have recently revised their earnings upwards for the upcoming period, suggesting continued confidence in the company's direction. Get access to 12 more exclusive ProTips and comprehensive analysis with an InvestingPro subscription. As of now, the company has not indicated any shifts in its strategic direction or operational approach following Smith's retirement.
This news is based on the latest SEC filing by Gartner and reflects the company's commitment to transparency in its corporate governance.
In other recent news, Gartner Inc. reported a 5% year-over-year increase in revenue, reaching $1.5 billion in the third quarter of 2024.
The company's research business, specifically its enterprise function leaders segment, showed strong performance with a 9% contract value growth. Notably, Gartner benefited from a $300 million insurance payout due to conference cancellations.
On the analyst front, the company raised its full-year guidance for revenue, EBITDA, EPS, and free cash flow. Gartner projects research revenue of at least $5.11 billion, conference revenue of at least $580 million, and consulting revenue of at least $535 million for 2024. The total consolidated revenue is expected to be at least $6.225 billion, with EBITDA projected at a minimum of $1.52 billion.
However, it's worth noting that contract optimization revenue was reported at $26 million, facing tough year-over-year comparisons. Despite these recent developments, Gartner remains confident in sustaining double-digit revenue growth and generating significant shareholder value. The company's financial health and strategic investments indicate a strong position for continued success in the upcoming year.
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