Stock Markets
Terran Orbital reshuffles executive team
BOCA RATON, Fla. – Terran Orbital Corporation (NYSE: LLAP), a provider of satellite-based solutions, announced on Wednesday a reorganization of its executive team with new appointments aiming to bolster its operational efficiency and financial performance. Peter Krauss will take on the role of Chief Operating Officer (COO), Adarsh Parekh will become the Chief Financial Officer (CFO), and Mathieu Riffel has been promoted to Chief Accounting Officer (CAO).
The appointments are part of Terran Orbital’s strategy to drive revenue growth and achieve a positive free cash flow. Krauss will assume his new position on June 1, 2024, while Parekh and Riffel will step into their roles on June 17, 2024. Krauss and Parekh will report directly to Marc Bell, Co-Founder, Chairman, and CEO of the company, and Riffel will report to Parekh upon their respective appointments.
Krauss’s responsibilities as COO will encompass overseeing engineering, manufacturing, supply chain, business development, marketing functions, and international operations. He brings nearly three decades of experience in operational growth and profitability, with a track record in global manufacturing and distribution.
Parekh, as the incoming CFO, carries over 20 years of financial sector experience, handling transactions worth $2.5 billion. His background includes strategic growth initiatives, financial planning, and treasury management. Prior to joining Terran Orbital, Parekh served as CFO for a medical technology company and a specialty agricultural firm.
Riffel, in his role as CAO, will focus on the company’s accounting, financial reporting, internal controls, and compliance processes. He has been with Terran Orbital since 2021 and served as Acting CFO.
The company expressed gratitude to the outgoing COO, Tony Gingiss, for his leadership and contributions. Gingiss will continue to provide strategic advisory services until his departure on July 15, 2024.
Bell expressed confidence in the new executive team, stating their collective expertise in operational efficiency and financial discipline will be crucial as Terran Orbital gears up to meet the demands of responsive space and proliferated mega constellations from government and commercial customers.
Terran Orbital specializes in satellite design, production, and support services for military, civil, and commercial clients. This executive team reorganization is based on a press release statement and aims to position the company for future growth and shareholder value.
InvestingPro Insights
In light of Terran Orbital Corporation’s (NYSE: LLAP) recent executive reorganization, which is aimed at boosting financial performance and operational efficiency, it is pertinent to consider the company’s financial health and market performance. The following insights from InvestingPro provide a snapshot of the company’s current status and future prospects.
InvestingPro Data indicates a market capitalization of $199.02 million, reflecting the company’s size and market value as of Q1 2024. Despite efforts to improve its financial standing, Terran Orbital operates with a significant debt burden, as highlighted by one of the InvestingPro Tips.
This could potentially impact the company’s ability to make interest payments on its debt, an area of concern for the incoming CFO to address. Moreover, the company’s P/E Ratio stands at -1.24, with an adjusted P/E Ratio for the last twelve months as of Q1 2024 at -1.32, suggesting that the company is not currently profitable.
Still, there is a silver lining. Analysts are expecting net income to grow this year, and sales growth is also anticipated in the current year, which aligns with the company’s strategy to drive revenue growth mentioned in the article. This could be a pivotal year for Terran Orbital if the new executive team can capitalize on these growth prospects.
For readers interested in a deeper analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/LLAP. These tips can provide valuable insights into the company’s stock volatility, cash flow, and profitability—factors that are critical for investors to consider. Moreover, by using the coupon code PRONEWS24, users can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, gaining access to exclusive financial analytics and data that can inform investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
(Reuters) -Private equity firm Insight Partners is on the brink of closing a new $10 billion-plus fund, roughly half the amount originally targeted, the Financial Times reported on Sunday, citing five people with knowledge of its plans.
Insight will not formally close its 13th fund until early next year, the report said, adding that the final figure may be closer to $12 billion.
Insight Partners declined to comment on the report.
The report said Insight is using a private equity-style structure to sell more than $1 billion worth of stakes in start-ups and to free up cash to return to investors.
One of the start-ups is Israeli cybersecurity firm Wiz, which had called off a $23 billion deal with Google parent Alphabet (NASDAQ:) in July, the report said.
New York-based Insight raised $20 billion for its 12th flagship fund in 2022, aiming to ramp up investments in software and technology companies.
JERUSALEM (Reuters) -Prime Minister Benjamin Netanyahu said Israel would inflict a “heavy price” on the Iran-aligned Houthis who control northern Yemen, after they reached central Israel with a missile on Sunday for the first time.
Houthi military spokesman Yahya Sarea said the group struck with a new hypersonic ballistic missile that travelled 2,040 km (1270 miles) in just 11 1/2 minutes.
After initially saying the missile had fallen in an open area, Israel’s military later said it had probably fragmented in the air, and that pieces of interceptors had landed in fields and near a railway station. Nobody was reported hurt.
Air raid sirens had sounded in Tel Aviv and across central Israel moments before the impact at around 6:35 a.m. local time (0335 GMT), sending residents running for shelter. Loud booms were heard.
Reuters saw smoke billowing in an open field in central Israel.
At a weekly cabinet meeting, Netanyahu said the Houthis should have known that Israel would exact a “heavy price” for attacks on Israel.
“Whoever needs a reminder of that is invited to visit the Hodeida port,” Netanyahu said, referring to an Israeli retaliatory air strike against Yemen in July for a Houthi drone that hit Tel Aviv.
The Houthis have fired missiles and drones at Israel repeatedly in what they say is solidarity with the Palestinians, since the Gaza war began with a Hamas attack on Israel in October.
The drone that hit Tel Aviv for the first time in July killed a man and wounded four people. Israeli air strikes in response on Houthi military targets near the port of Hodeidah killed six and wounded 80.
Previously, Houthi missiles have not penetrated deep into Israeli air space, with the only one reported to have hit Israeli territory falling in an open area near the Red Sea port of Eilat in March.
Israel should expect more strikes in the future “as we approach the first anniversary of the Oct. 7 operation, including responding to its aggression on the city of Hodeidah,” Sarea said.
The deputy head of the Houthi’s media office, Nasruddin Amer, said in a post on X on Sunday that the missile had reached Israel after “20 missiles failed to intercept” it, describing it as the “beginning”.
The Israeli military also said that 40 projectiles were fired towards Israel from Lebanon on Sunday and were either intercepted or landed in open areas.
“No injuries were reported,” the military said.
PARIS (Reuters) – Eight people have died trying to cross the Channel from France to England, French authorities said on Sunday, confirming earlier media reports.
This latest incident follows the deaths of 12 people earlier this month when their boat capsized in the Channel on its way to Britain and highlights the pressure on the British and French governments to find ways to tackle the boat crossings.
Jacques Billant, the Prefect of the Pas-de-Calais region, said that rescue crews were alerted that a boat with 59 people onboard was in difficulty in waters off the coast of Ambleteuse in the Pas-de-Calais area.
“A new drama took place around one in the morning and we deplore the death of eight people,” he told a news conference, adding that the other 51 onboard were now in the care of rescue and medical crews.
The dead were men from Eritrea, Sudan, Syria, Egypt, Iran and Afghanistan, he added.
The Channel is one of the world’s busiest shipping lanes and currents are strong, which makes crossing on small boats dangerous.
The latest incident brings to 46 the number of people who have died trying to cross the Channel from France since the start of the year, Billant said.
On September 14 alone there were eight attempts to cross the Channel from France and some 200 migrants were rescued, he said.
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