Digital consultant and solution provider Perficient Thursday used its second fiscal quarter 2023 to unveil a CEO succession plan under which the company’s president and chief operating officer, Tom Hogan, will become the St. Louis-based company’s CEO.
Under the plan, current Proficient CEO Jeff Davis will transition to executive chairman on October 1, after which Hogan will take over as CEO and join the company’s board of directors.
Davis is a longtime veteran of Perficient, having joined the company as chief operating officer in the fall of 2001. He became president and CEO in the spring of 2004, then president and CEO in summer of 2009, and added the chairman title in early 2017.
[Related: Perficient CEO: ‘Still On The Hunt’ For Potential Acquisitions]
Davis in early 2021 relinquished the president title to Hogan, who joined Perficient — No. 56 on CRN’s 2023 SP 500 — in early 2008 as a company vice president.ADVERTISEMENT
Davis, during Perficient’s second fiscal quarter 2023 quarterly financial analyst conference call, said it was hard to imagine that he was doing his 90th earnings call.
He also said that he has full confidence in Hogan and the rest of the company going forward.
“Our extended executive team represents folks that have been here on average well over 10 years, and [has] experience in the industry approaching 20 [years] on average,” he said. “So we’ve got a deep bench, and I’m very confident in their ability to take this very special company forward. [We have] very talented, dedicated colleagues across the world working in Perficient. I appreciate all of them.”
Perficient was unable to provide further comment on the plans of Davis and Hogan at publication time.
However, Davis said in a prepared statement that his time at Perficient has been a remarkable honor and privilege.
“During that time, we’ve grown from startup to global leader, created thousands of jobs, rewarded our stockholders and built a client roster comprised of the world’s leading enterprises and biggest brands,” Davis said. “Tom Hogan has delivered strong results and has been preparing for this role for several years. I’m excited he’ll lead Perficient into the future. Beyond Tom, most of our executive leaders have been in place for more than a decade, and I’m as confident as I’ve ever been in that team and Perficient’s market position and potential.”
Hogan, in a prepared statement, said Perficient has delivered impactful outcomes for its clients, amazing careers for its colleagues, and important differences for its communities and the world.
“I’m grateful to Jeff for his many years of leadership and mentorship and to the Board for their ongoing support and guidance,” he said. “I’m humbled to step into the role of CEO and lead our unique, aspirational and ambitious organization to and through many more years of global growth.”
For its second fiscal quarter 2023, which ended June 30, Perficient reported revenue of $231.1 million, up 4 percent over the $227.7 million the company reported for its second fiscal quarter 2023.
This included services revenue of $230.7 million, up from last year’s $222.3 million, and software and hardware revenue of $405,000, down from $475 million.
Perficient also reported GAAP net income of $26.4 million or 73 cents per share, down from last year’s $27.8 million or 77 cents per share. On a non-GAAP basis, the company reported net income of $34.4 million or $1.00 per share, down from $36.3 million or $1.06 per share.
Looking ahead, Perficient expects third fiscal quarter 2023 GAAP earnings of 56 cents to 60 cents per share, which is lower than the 64 cents per share the company reported for its third fiscal quarter 2022. On a non-GAAP basis, the company expects earnings of 89 cents to 94 cents per share, down from last year’s $1.11 per share.LEARN MORE: Professional Services
Joseph F. Kovar is a senior editor and reporter for the storage and the non-tech-focused channel beats for CRN. He keeps readers abreast of the latest issues related to such areas as data life-cycle, business continuity and disaster recovery, and data centers, along with related services and software, while highlighting some of the key trends that impact the IT channel overall. He can be reached at [email protected].
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