Mastech Digital Names Nirav Patel as President and Chief Executive Officer and Member of the Board
Nirav Patel's Appointment: Nirav Patel has been appointed as the new President and CEO of Mastech Digital, effective January 6, 2025, succeeding Vivek Gupta, who is stepping down after nine years of leadership. Patel brings over 20 years of experience in technology services and aims to enhance the company's position in AI and digital transformation.
Vivek Gupta's Departure: Vivek Gupta will leave Mastech Digital on February 28, 2025, marking the end of his tenure where he successfully transformed the company from an IT staffing firm to a technology solutions provider, significantly improving its revenue quality and growth trajectory.
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Executives of IBM and Mastech Digital Increase Stock Holdings
- IBM Executive Purchase: David N. Farr of International Business Machines made a $304,000 purchase of 1,000 shares at $304 each on Friday, currently seeing a 4.1% gain, indicating confidence in the company's future performance.
- Stock Price Increase: As of Monday, IBM's stock is up approximately 3.1% to $316.42, reflecting positive market expectations for its performance and validating Farr's investment decision.
- Mastech Digital Purchase: On the same day, Steven A. Shaw purchased 4,880 shares of Mastech Digital at $6.97 each for a total of $34,013, marking his sixth purchase in the past year, demonstrating ongoing confidence in the company's long-term growth potential.
- Historical Investment Cost: Prior to this transaction, Shaw had invested a total of $160,567 in Mastech Digital over the past 12 months at an average cost of $7.73 per share, underscoring his strong belief in the company's future development.
Mastech Digital, Inc. Q2 Profit Decreases, But Beats Estimates
Earnings Performance: Mastech Digital, Inc. reported a second-quarter profit of $0.14 million ($0.01 per share), down from $1.39 million ($0.12 per share) last year, but exceeded analysts' expectations of $0.12 per share.
Revenue Decline: The company's revenue decreased by 0.9% to $49.10 million compared to $49.53 million in the same quarter last year.
