Meet The New Skyworks Solutions (SWKS) CFO
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Mizuho Securities analyst, Vijay Rakesh, reiterated his Neutral rating on shares of Skyworks Solutions (NASDAQ: SWKS) after the company announced that the CFO, Don Palette, is retiring.
The new CFO, Kris Sennesael, comes from the analog and energy industries and will be based in California, closer to the new CEO. Kris was most recently CFO of Enphase (ENPH), a solar energy solutions provider, and left ENPH on August 10, 2016. Before that he was CFO of Standard Microsystems, an analog MCU supplier from 2009-12.
The analyst thinks that investors attribute many restful nights to clean financial stewardship from Don who took SWKS from ~$15 stock to 2015 highs of ~$100+. The incoming CFO Sennesael has some big shoes to fill. Don will continue to help with the transition, in an non-executive advisory role through May 31, 2017, but will not be eligible for any of the F17(Sep) bonus or equity incentives.
No change to the price target of $68.
Shares of Skyworks Solutions closed at $75.22 yesterday.
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