Kara Sprague
and Ron Nersesian elected as new independent
directors
$800 million
share repurchase authorized
WESTMINSTER, Colo., Jan. 30,
2024 /PRNewswire/ -- Trimble Inc. (NASDAQ: TRMB)
announced today the appointment of Kara
Sprague and Ron Nersesian to
its Board of Directors, effective February
5, 2024. Sprague is the Executive Vice President and Chief
Product Officer at F5, Inc., and Nersesian is the Chairman of the
Board of Directors of Keysight Technologies, and formerly served on
Trimble's Board of Directors from November
2011 through May 2021.
"We are thrilled to welcome Kara and Ron to our Board," said
Rob Painter, Trimble's CEO. "Kara's
experience driving the growth and go-to-market transformation of a
leading software business adds valuable perspective as software
represents an increasingly core aspect of our business model. Ron
brings a track record of prudent capital allocation and outstanding
shareholder returns, including significant value creation during
his tenure as CEO of Keysight."
The Company also announced today that the Board has authorized a
common stock repurchase authorization of up to $800 million, which replaces the Company's
existing authorization and goes into effect immediately. Trimble
expects to utilize a significant amount of the authorization in
2024. The Company plans to host an investor day in the second half
of 2024 where it will provide an update of the company's margin
target in the context of the new segment reporting structure.
"We previously announced that we expect to repay $1.1 billion of debt and repurchase $400 million worth of shares with the proceeds
from the proposed AGCO JV transaction, shortly following the close
of the JV, which is expected to occur in the second quarter of
2024. Today's announcement maintains that plan while expanding our
expectations for total repurchase activity in 2024. The
prioritization of capital return and debt repayment reflects our
near-term capital allocation priorities as well as our confidence
in the value of Trimble's long-term plan. We are excited to execute
in our core business and to continue to drive growth in revenue,
cash flow and returns on capital. We expect any near-term
acquisitions to focus on tuck-in opportunities that leverage the
Company's industry leading commercial platforms," Painter
added.
Shares of common stock may be repurchased from time to time,
through accelerated share repurchase programs, open market
transactions, privately-negotiated transactions, block purchases,
tender offers or other means. The program may be suspended,
modified or discontinued at any time at the Company's discretion
without notice.
Kevin Galligan, Partner at JANA
Partners, a Trimble shareholder, remarked: "We are pleased with
these high-quality additions to Trimble's Board as well as the
Company's capital allocation update. Trimble is an outstanding
company with significant opportunity for value creation through its
refined capital allocation approach, attractive mix of software and
recurring revenue and potential to drive margin expansion. We look
forward to supporting Rob and the Company as they execute their
strategy to compound value."
Trimble will announce fourth quarter and full year 2023 earnings
on February 12, 2024.
Additional biographical information on Board appointees is
included below:
About Kara Sprague
Kara is currently Executive Vice President and Chief Product
Officer of F5, Inc. Since joining F5 in 2017, she has held a
variety of product and GTM leadership roles, including EVP of
Application Delivery and Enterprise Product Ops. Prior to F5, Kara
spent 13 years at McKinsey, where she held various leadership
positions across their technology practice. Earlier in her career,
she was an engineer for several large enterprise software
organizations.
About Ron Nersesian
Ron is currently Chairman of Keysight Technologies, after
previously serving as Executive Chairman. Ron led Keysight as
President and CEO from initial formation in 2014 through 2022. He
assumed these roles following Keysight's spin-off from Agilent
Technologies. Ron also served in various leadership roles across
Agilent, including President and Chief Operating Officer, over a 10
year period. Earlier in his career, Ron had roles at
Hewlett-Packard and LeCroy, now a part of Teledyne, in a range of
management positions over nearly 18 years.
About Trimble
Dedicated to the world's tomorrow, Trimble is a technology
company delivering solutions that enable our customers to work in
new ways to measure, build, grow and move goods for a better
quality of life. Core technologies in positioning, modeling,
connectivity and data analytics connect the digital and physical
worlds to improve productivity, quality, safety, transparency and
sustainability. From purpose-built products and enterprise
lifecycle solutions to industry cloud services, Trimble is
transforming critical industries such as construction, geospatial,
agriculture and transportation to power an interconnected world of
work. For more information about Trimble (NASDAQ: TRMB), visit:
www.trimble.com.
Safe Harbor
Certain statements made in this press release regarding
Trimble's plans to repurchase up to $800
million of its common stock, the anticipated amount and
timing of such repurchases, the manner in which Trimble may effect
such repurchases, the anticipated near-term acquisition strategy
being limited to tuck-ins, and other statements that are not
historical in nature constitute forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, and are made pursuant to the safe harbor provisions of
the Securities Litigation Reform Act of 1995. These forward-looking
statements involve risks and uncertainties, and actual events and
results may differ materially from those described in this press
release. Factors that could cause or contribute to such differences
include, but are not limited to, Trimble's available resources and
cash flows from operating activities to repurchase the common
stock, changing market prices for Trimble common stock, economic
trends in the markets served by Trimble, and alternative uses of
capital. More information about potential factors which could
affect Trimble's business, financial results and plans for share
repurchases is set forth in reports filed with the SEC, including
Trimble's quarterly reports on Form 10-Q and its annual report on
Form 10-K. All forward-looking statements are based on information
available to Trimble as of the date hereof, and Trimble expressly
disclaims any undertaking to release publicly any updates or
revisions to any statements to reflect any change in Trimble's
expectations or any change of events, conditions or circumstances
on which any such statement is based.
FTRMB
View original content to download
multimedia:https://www.prnewswire.com/news-releases/trimble-announces-board-additions-and-capital-allocation-update-302047378.html
SOURCE Trimble