Cummins Inc
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Industrials : Machinery | Mid Cap Blend
Company profile

Cummins Inc. designs, manufactures, distributes and services diesel and natural gas, electric and hybrid powertrains and powertrain-related components. It is also a supplier of engine braking, cylinder deactivation, start and stop and thermal management technologies. Engine segment manufactures and markets a range of diesel and natural gas-powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck. The Distribution segment consists of sales and support of a range of products and services. including power generation systems, high-horsepower engines, and heavy-duty and medium-duty engines. The Components segment supplies products, including aftertreatment systems, turbochargers, filtration products, electronics and fuel systems. The Power Systems segment consists of businesses, including power generation, industrial and generator technologies. The New Power segment focuses on hydrogen production and electric drive systems.

Postmarket

Last Trade
Delayed
$251.45
0.55 (0.22%)
Bid
--
Ask
--
B/A Size
--

Market Hours

Closing Price
$250.90
Day's Change
-5.21 (-2.03%)
Bid
--
Ask
--
B/A Size
--
Day's High
257.69
Day's Low
249.25
Volume
(Heavy Day)
Volume:
1,267,730

10-day average volume:
863,741
1,267,730

Visa CEO Al Kelly to step down from that role in February

10:29 pm ET November 17, 2022 (MarketWatch)
Print

By Emily Bary

Ryan McInerney, the company's president, will take over as CEO

Visa Inc. Chief Executive Al Kelly plans to step down from that role in February, to be succeeded by Ryan McInerney, the company's current president and a veteran of the payments giant for nearly a decade.

Kelly, who's been with Visa (V) in the CEO role since late 2016, said the timing of the change was right for him in a number of ways, as he's soon to turn 65 and has a "lot of energy" to move into the next chapter of his life. He plans to embrace his role as a grandfather and continue to serve Visa through an executive chairman position on the company's board of directors.

While Kelly said he long envisioned moving on around this age, he added that "I wouldn't leave at 65 if I didn't think I was blessed to have great person to step into my shoes." After working with McInerney for the past six years, Kelly sees him as a worthy successor.

"He is ready to be the CEO of this company," Kelly told MarketWatch. "He's a phenomenal executive. He has the ability to be extraordinarily strategic and he's also an incredibly thoughtful, get-in-the-weeds problem solver."

Incidentally, as Kelly approaches his 65th birthday next year, so does Visa, based on a popular understanding of the company's origins.

Under Kelly's tenure thus far as CEO, Visa's market value has increased to $437 billion from $181 billion, while its stock gained 173%.

Visa sees the transition as reflective of "the board's very well-established and thoughtful succession plan," according to comments from John Lundgren, the board's lead independent director, in a press release.

"We see this announcement as part of a planned succession and do not think it will be a surprise to investors," RBC Capital Markets analyst Daniel Perlin wrote in a note to clients.

McInerney has been responsible for Visa's global businesses in his role as president, looking over the company's product team and merchant team, among others. He's been with Visa for almost a decade and sees "huge opportunity over the next 10 years" in areas like business-to-business transactions, government-to-consumer disbursements, and other payment functions that are newer to Visa.

In both emerging and developed markets, he told MarketWatch he sees the potential for an "amazing digitalization of what we call 'new payment flows.'"

McInerney views Visa founder Dee Hock, who died over the summer at 93, as an "inspiration." Hock was "one of the original disruptors" who "saw things so far in the future that people couldn't really imagine," he said.

See also: He saved credit cards, and now he's inspiring crypto enthusiasts

Kelly, who is staying on the company's board, said he "will not be involved in the day-to-day running of the company," but that he will be there to serve as a helper and adviser "for as long as it's valuable to Ryan and his executive team."

-Emily Bary

	

(END) Dow Jones Newswires

November 17, 2022 22:29 ET (03:29 GMT)

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