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Interpublic Group appoints Susan Howe as CEO of TWSC

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NEW YORK – Interpublic Group (NYSE: IPG) announced today that Susan Howe will take over as CEO of The Weber Shandwick Collective (TWSC), succeeding Gail Heimann, who is set to retire after a 28-year tenure with the firm. The leadership transition is scheduled to occur over the next four months, culminating in November 2024.

Gail Heimann has been at the helm of TWSC for five years, during which time she has been credited with the expansion of its blue-chip client portfolio and the integration of emerging technologies into its services. Under her guidance, the company has received multiple industry accolades, including a recent top spot in Fast Company’s list of Most Innovative Companies for Public Relations and Brand Strategies in 2024.

Susan Howe, who has served as President since June 2021, will step into the CEO role with a background that includes significant contributions to the company’s growth and collaboration strategies. She has been with TWSC for over two decades, holding various leadership positions such as Chief Growth Officer and Chief Collaboration Officer.

Philippe Krakowsky, CEO of IPG, expressed gratitude for Heimann’s vision and leadership, which have been pivotal in establishing TWSC as a leader in the strategic communications industry. Heimann herself expressed confidence in Howe’s ability to guide the firm into the future, highlighting Howe’s expertise and collaborative spirit.

Howe’s appointment comes at a time when the communications industry is undergoing rapid transformation. She is expected to continue driving the firm’s success by leveraging Interpublic’s broader marketing spectrum, data, and technology offerings.

Interpublic Group, the parent company of TWSC, is known for housing some of the most recognized communications specialists worldwide. In 2023, IPG reported total revenue of $10.89 billion and is listed on the S&P 500 index.

This announcement is based on a press release statement from Interpublic Group.

In other recent news, Interpublic Group has been the focus of several analyst adjustments and has reported its first-quarter performance for 2024. BofA Securities revised its outlook on Interpublic, lowering the price target to $37 from $38 but maintained a Buy rating.

This came after the company lost major clients such as Pfizer (NYSE:), Verizon (NYSE:), Lowe’s (NYSE:), and Chevrolet. Despite this, Interpublic is transitioning to offer more integrated services, as demonstrated by the formation of Kinesso.

In addition, Wells Fargo also adjusted its outlook on Interpublic, reducing the price target to $31 from $32 while maintaining an Equal Weight rating. This was based on the company’s first-quarter performance and expectations for the remainder of the year.

Interpublic reported consistent performance for the first quarter, achieving its targets for growth and margins. The company’s organic revenue growth before billable expenses stood at 1.3%, supported by contributions from Europe, Latin America, and the United States.

Interpublic Group also announced a quarterly dividend of $0.33 per common share, continuing its practice of sharing profits with investors. This follows a year in which the company reported total revenue of $10.89 billion. Looking ahead, Interpublic Group anticipates a full-year organic growth rate of 1-2% and an adjusted EBITDA margin of 16.6%.

InvestingPro Insights

As Interpublic Group (NYSE: IPG) welcomes Susan Howe as the new CEO of The Weber Shandwick Collective, the company’s financial health and market perception remain critical for investors monitoring the transition.

With a market capitalization of $10.83 billion and a P/E ratio that stands at a competitive 10.14, IPG presents a value investment opportunity, especially considering its low PEG ratio of 0.45 over the last twelve months as of Q1 2024, indicating potential for earnings growth relative to its share price.

Reflecting on the company’s financial robustness, IPG has demonstrated a consistent commitment to shareholder returns, having raised its dividend for 11 consecutive years—an accomplishment that aligns with the firm’s stable financial performance. Moreover, IPG’s stock has been trading near its 52-week low, which might attract investors looking for entry points into stable companies at potentially discounted prices.

InvestingPro Tips highlight that IPG is trading at a low P/E ratio relative to near-term earnings growth, suggesting that the stock may be undervalued given its earnings prospects. Additionally, the company’s stock generally trades with low price volatility, offering a less risky option for investors who prioritize stability.

For those interested in further insights, there are additional tips available on InvestingPro, which can be accessed by visiting https://www.investing.com/pro/IPG. These tips could provide a deeper understanding of IPG’s financial health and market position, especially useful during the leadership transition.

Investors looking to leverage these insights and more can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, providing access to a broader range of analytical tools and data to inform their investment decisions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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Citi maintains Neutral on Terex shares, cites ESG business purchase

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On Monday, Terex Corporation (NYSE:) maintained its Neutral rating with a steady stock price target of $60.00, as announced by Citi. Terex disclosed it has signed an agreement to purchase Dover’s Environmental Solutions Group (ESG) business, which includes refuse vehicles and compaction equipment.

The deal is valued at $2 billion in gross terms, with a net purchase price of approximately $1.725 billion after accounting for the present value of roughly $275 million in tax benefits.

The net purchase price is approximately 9.6 times ESG’s projected 2024 EBITDA, with the multiple decreasing to around 8.4 times after factoring in the expected synergies of about $25 million. Terex anticipates the acquisition will be accretive to its adjusted earnings per share (EPS) by double digits in 2025. The acquisition is seen as beneficial, enhancing Terex’s business narrative and providing clear cost and revenue synergies.

Despite the premium paid over Terex’s current enterprise value to EBITDA multiple, the acquisition is considered potentially advantageous for Terex.

Success hinges on the company’s ability to realize the targeted synergies, the promised accretion to EPS, and ESG’s ability to deliver the forecasted mid-single-digit long-term compound annual growth rate (CAGR) with minimal business cyclicality. The transaction is slated for completion in the fourth quarter of 2024.

In other recent news, Terex Corporation has acquired Environmental Solutions Group (ESG) from Dover Corporation (NYSE:) in a deal valued at $2.0 billion, expanding its market reach. The acquisition, expected to close in the second half of 2024, will enhance Terex’s position in the waste and recycling sector. ESG’s integration will create a new Environmental Solutions segment within Terex, combining it with Terex’s existing Utilities business.

In other developments, Dover Corporation’s first-quarter earnings exceeded analyst estimates, with an adjusted EPS of $1.95, surpassing the expected $1.87. Revenue for the quarter also surpassed expectations, reaching $2.09 billion against the consensus estimate of $2.04 billion.

In analyst notes, Mizuho Securities has revised its outlook on Dover, raising its price target to $185 from the previous $180. The firm also revised its earnings per share estimates for Dover for 2024 and 2025, increasing them to $9.10 and $9.75, respectively. These recent developments indicate a positive outlook for Dover’s financial future.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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Israeli parliament votes to label UN relief agency a terror organisation

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JERUSALEM (Reuters) – The Israeli parliament gave preliminary approval on Monday to a bill that declares the main United Nations relief organization for Palestinians a terrorist organisation and proposes to sever relations with the body.

The vote against the United Nations Relief and Works Agency for Palestinian Refugees (UNRWA) is the latest step in a Israeli push against the agency, which Israeli leaders have accused of collaborating with the Islamist movement Hamas in Gaza.

The bill was approved in a first reading and will be returned to the foreign affairs and defence committee for further deliberation, the Knesset information service said.

The bill’s sponsor, Yulia Malinovsky, was quoted as describing UNRWA as a “fifth column within Israel”.

UNRWA provides education, health and aid to millions of Palestinians in Gaza, the West Bank, Jordan, Lebanon and Syria. It has long had tense relations with Israel but relations have deteriorated sharply since the start of the war in Gaza and Israel has called repeatedly for UNRWA to be disbanded.

“It’s another attempt in a wider campaign to dismantle the agency,” UNRWA spokesperson Juliette Touma said. “Such steps are unheard of in the history of the United Nations.”

Israel has said hundreds of UNRWA staff are members of terrorist groups, including Hamas and Islamic Jihad, but has yet to provide evidence to a U.N.-appointed review.

© Reuters. FILE PHOTO: A United Nations Relief and Works Agency (UNRWA) sign lies on the ground, amid the ongoing conflict in Gaza between Israel and the Palestinian Islamist group Hamas,  at the Kerem Shalom crossing in southern Israel, May 30, 2024. REUTERS/Amir Cohen/File Photo

Several donor countries halted funding to UNRWA following the Israeli accusations but many have since reversed the decision, including Britain which said last week it would resume funding.

Both Hamas and the Palestinian Authority condemned the Israeli vote, and Hussein Al-Sheikh, a senior ally of Palestinian President Mahmoud Abbas, called on the international community to resist attempts to dissolve the agency.

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Israel sends tanks back into Khan Younis area, 70 killed after new evacuation order

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By Nidal al-Mughrabi, Ari Rabinovitch and Hatem Khaled

CAIRO/JERUSALEM/GAZA (Reuters) -Israel sent tanks back into the greater Khan Younis area and at least 49 Palestinians were killed by Israeli fire, Gaza medics said on Monday, after ordering evacuations of some districts it said had been used for renewed attacks by militants.

The Palestinians were killed by tank salvoes in the town of Bani Suhaila and other towns fringing the eastern side of Khan Younis, with the area also bombarded by air, they said.

Residents of the densely built-up area of southern Gaza said the tanks advanced for more than two kilometres into Bani Suhaila, forcing residents to flee under fire.

“It is like doomsday,” one resident, who only identified himself as Abu Khaled, told Reuters via chat app. “People are fleeing under fire, many are dead and wounded on the roads.”

The Gaza health ministry said the dead included several women and children and that at least 186 other people had been injured by Israeli fire. The Gaza ministry does not distinguish between militants and civilians in its death tallies.

Around 400,000 people are living in the targeted areas and dozens of families have begun to leave their houses, Palestinian officials said, adding they were not given time to get out of harm’s way before the Israeli strikes began.

Some families fled on donkey carts, others on foot, carrying mattresses and other belongings.

The Palestinian Red Crescent Society said two of its clinics located in eastern Khan Younis had been knocked out of operation because of the new Israeli offensive.

At Khan Younis’ Nasser Hospital, some people stood outside the morgue to bid farewell to dead relatives.

“We are tired, we are tired in Gaza, every day our children are martyred, every day, every moment,” said Ahmed Sammour, who lost several relatives in bombings of eastern Khan Younis.

“No one told us to evacuate. They brought four floors crashing down on civilians… and the bodies they could reach, they brought to the refrigerator (morgue),” Sammour added.

There was no immediate Israeli comment on the strikes on the eastern side of Khan Younis, whose population initially fled their homes when Israeli tanks stormed in several months ago, before returning after they withdrew to rebuild their lives.

In nearby Deir Al-Balah, where hundreds of thousands of Palestinians are sheltering, an Israeli airstrike hit a tent used by local journalists inside Al-Aqsa Hospital, killing one of them and wounding two other people, the Hamas-run Gaza government media office said.

The new death raised the number of Palestinian journalists killed in the Israeli offensive to 163, it added.

EVACUATION ORDERS

Earlier on Monday, the Israeli military said it had issued new evacuation orders due to renewed Palestinian militant attacks, including rockets launched from the targeted areas in eastern Khan Younis. The orders did not include health institutions, Palestinians said.

The military said it was adjusting the boundaries of a designated humanitarian zone in coastal Al-Mawasi – to the west of Khan Younis – to keep the civilian population away from areas of combat with Hamas-led Palestinian militants.

The Gaza Civil Emergency Services said Israel’s new orders showed it had downsized the humanitarian-designated areas in southern and central areas, where 1.7 million people were sheltering, to 48 square km from 65 square km in the past.

The Palestinians, the United Nations and international relief agencies have said there is no safe place left in Gaza.

Health officials at Nasser Hospital in Khan Younis urged residents on Monday to donate blood because of the large number of casualties being rushed into the medical centre.

“A family, including children, were all torn to pieces while they were sleeping,” said one man who arrived at the hospital in an ambulance bearing the bodies.

Israel has vowed to eradicate Hamas after militants killed 1,200 people and took more than 250 hostages in a cross-border assault on Oct. 7, 2023, according to Israeli tallies.

© Reuters. A Palestinian woman sits on a wheelchair as she and others flee the eastern part of Khan Younis after they were ordered by Israeli army to evacuate their neighborhoods, amid Israel-Hamas conflict, in Khan Younis in the southern Gaza Strip July 22, 2024. REUTERS/Hatem Khaled

The death toll among Palestinians in Israel’s retaliatory offensive since then had reached at least 39,006 as of Monday, Gaza health authorities said.

A ceasefire effort led by Qatar and Egypt and backed by the U.S. has so far fallen short because of disagreements over terms between the combatants, who blame each other for the impasse.

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