Super Micro Computer director Chan resigns to focus on family business
© Reuters.
Super Micro Computer, Inc. (NASDAQ: NASDAQ:) announced the resignation of Mr. Shiu Leung (Fred) Chan from its Board of Directors earlier this week. Mr. Chan, who also served as chairman of the Nominating and Corporate Governance Committee and was a member of the Audit Committee, stepped down to dedicate more time to his family-owned business projects.
The company clarified that Mr. Chan’s departure, effective March 11, 2024, was not due to any disagreements with Super Micro Computer’s operations, policies, or practices. The Board has expressed its sincere appreciation for Mr. Chan’s contributions during his tenure and extended best wishes for his future ventures.
Mr. Chan’s resignation comes at a time when Super Micro Computer continues to navigate the competitive landscape of the computing solutions industry. His role on the committees was integral to the governance and financial oversight of the company. The Board has not yet announced a successor or detailed how they plan to fill the vacancy left by Mr. Chan.
Super Micro Computer is known for providing server technology and innovation to various market segments. The company has not indicated that Mr. Chan’s resignation will affect its strategic direction or operations.
This news is based on a recent statement from a press release filed with the SEC.
InvestingPro Insights
Following the announcement of Mr. Shiu Leung (Fred) Chan’s resignation from the Board of Directors of Super Micro Computer, Inc. (NASDAQ: SMCI), the company’s financial and market performance remains a key interest for investors. According to InvestingPro data, Super Micro Computer has a substantial market capitalization of 63.21 billion USD, reflecting its significant presence in the tech industry.
InvestingPro Tips highlight that the company is a prominent player in the Technology Hardware, Storage & Peripherals industry, with analysts anticipating sales growth in the current year. This expected growth is underscored by a robust revenue increase over the last twelve months as of Q2 2024, with a notable 39.22% uptick. Moreover, Super Micro Computer’s revenue growth for the same quarter was an impressive 103.25%, indicating a strong performance in the very recent period.
However, investors should note that the company is trading at a high P/E ratio of 83.05, which is slightly elevated when adjusted for the last twelve months as of Q2 2024 to 86.04. This suggests that the stock may be trading at a premium relative to its near-term earnings growth. Additionally, the stock has experienced high price volatility, which could be a factor for consideration for risk-averse investors.
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