Parsons Corp shareholders approve board nominees and proposals
Investing.com
Published Apr 16, 2025 06:14PM ET
CENTREVILLE, VA - Parsons Corporation (NYSE:PSN), a $6.9 billion computer integrated systems design company with a GOOD financial health score according to InvestingPro , announced the results of its Annual Meeting held on Tuesday. The company's stock has declined 40% over the past six months, though analysts maintain a bullish outlook. The shareholders voted on several key proposals, as detailed in the March 5 Proxy Statement.
The first proposal was the election of four board members, each set to serve a three-year term until the 2028 Annual Meeting. The nominees included George L. Ball (NYSE:BALL), Ellen M. Lord, Darren W. McDew, and Suzanne M. Vautrinot. All four nominees were elected, with Ball receiving 91,176,392 votes for, Lord receiving 90,682,301, McDew receiving 91,065,529, and Vautrinot receiving 77,593,119. This board election comes as the company prepares to report its next quarterly earnings on April 30, 2025.
The second proposal, which passed with significant support, was to ratify Price Waterhouse Coopers LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025. This proposal saw 97,259,010 votes in favor.
The third and final proposal addressed the compensation of the company’s named executive officers. This advisory vote, which also passed, received 91,518,237 votes in support.
The approval of these proposals by the shareholders reflects confidence in the current board's direction and the company's governance practices. With revenue growth of 24% in the last twelve months and strong profitability indicators, the company continues to show operational strength despite recent stock price challenges. The results from the Annual Meeting are based on information from a press release statement and are filed with the Securities and Exchange Commission as per the April 16, 2025, 8-K report.
In other recent news, Parsons Corporation has announced several significant developments. The company reported it has secured a position on a $1.5 billion contract with the Air Force Civil Engineering Center, allowing it to compete for task orders related to environmental services at Air Force installations worldwide. Additionally, Parsons has been awarded a $24 million contract to support the Naval Medical Research Command's Biological Defense Research Directorate, focusing on infectious disease detection and global disease surveillance. In a move to enhance shareholder value, Parsons has increased its stock repurchase program to $250 million, reflecting strong operating results and cash flow. Furthermore, Sealing Technologies, a subsidiary of Parsons, has secured a prototype agreement with the Department of Defense for the development of the Joint Cyber Hunt Kit, aimed at bolstering U.S. cyber operations. Analyst firm KeyBanc Capital Markets recently adjusted its outlook on Parsons by lowering the stock's price target to $73 while maintaining an Overweight rating. These developments underscore Parsons' ongoing efforts to expand its role in national security, infrastructure, and environmental services.
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Written By: Investing.com
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