Forgent Shares Fall 24.02% as Amy Ard Is Named CFO
Key Facts
Forgent Power Solutions shares fell 24.02% during the trading session on the day of the announcement, as the company announced that Amy Ard would succeed Ryan Fiedler as chief financial officer. A live trading snapshot on Investing.com showed the stock at $24.13, down $7.63. These prices were recorded during the session at the displayed time of 11:25:09 and were not closing prices. The selloff had begun before regular trading opened, with the site's coverage published on the day of the announcement reporting that the stock fell 12.2% in premarket trading after the management change was disclosed. According to the company's statement, Ard moved into the chief financial officer role from her position as executive vice president of finance, marking an internal promotion. The company's official filing said her appointment took effect on October 21, 2026.
Ard takes on the role with more than 25 years of experience in senior finance and accounting positions, according to the professional biography Forgent included in its statement on the finance leadership transition. Her experience spans public and private companies, and she began her career at PricewaterhouseCoopers. Chief Executive Gary Niederpruem praised her contribution to Forgent's business, saying, according to Investing.com's coverage: "Her extensive operational finance experience has been invaluable in supporting Forgent's growth." The finance leadership change comes early in the company's life as a listed business, following the completion of its initial public offering on February 6, 2026, according to its annual report. Since that offering, its latest fiscal year, which ended in June, included strong revenue and profit growth, according to the company's reported results.
Forgent's revenue for the fiscal year ended June 2026 totaled about $1,420 million, according to its annual results statement. That represented an increase of 89% from the previous fiscal year, while annual net income reached $106 million. Net income grew 508% year on year, outpacing revenue growth over the same period. In the fiscal fourth quarter ended June 2026, revenue totaled $462 million. Quarterly revenue rose 94% from the corresponding quarter a year earlier, according to the same statement. Revenue growth in the final quarter exceeded the rate recorded for the full fiscal year, which preceded the finance leadership transition announced in October.
At the end of the fiscal year in June 2026, Forgent's backlog reached a record $3.0 billion, up 256% year on year, according to the results statement. A large share of the company's business is concentrated in products used in data centers, which accounted for about 59% of fiscal 2026 revenue, according to its annual report. The report linked demand growth to investment in cloud computing and artificial intelligence, both of which the company cited among its business drivers. Other drivers it identified included additions to power generation capacity and grid expansion, alongside the reshoring of manufacturing. These areas combine demand for products used in data centers with spending on power generation and grids and industrial activity, as outlined in the company's annual report.
For fiscal 2027, Forgent is targeting revenue of between $2,400 million and $2,600 million, according to the guidance in its results statement. The company said this range was based on its backlog, expected production schedules and business conditions. Under the finance leadership transition arrangements, Fiedler will remain an employee to help hand over responsibilities, according to the official filing. His employment with the company ends on October 30, 2026, while Forgent's statement said he would move into an external advisory role that would allow him to continue supporting the company. The company said the arrangement would allow him to "spend more time with his family," while continuing to contribute through the advisory role. Following completion of the employment transition, Forgent's investor events page lists the annual shareholders' meeting for January 28, 2027.