TTEC Holdings Announces Executive Leadership Change - Michelle Swanback to Step Down by December 31, 2024
TTEC Holdings, a global leader in customer experience services, revealed a major shift in its executive leadership team. Michelle Swanback, President of TTEC and CEO of TTEC Engage, will be resigning from her positions by the end of 2024. This news comes as part of the company's ongoing efforts to drive growth and maintain its position in the customer experience sector.
John P. Abou, who recently joined TTEC as President of TTEC Engage, will take over Swanback's duties within the Engage business segment. Meanwhile, Kenneth Tuchman, CEO of TTEC Holdings, will assume the role of President of the parent company.
Abou brings with him over 27 years of experience in the business process and technology outsourcing industry, with a strong focus on customer experience management. His appointment is seen as a strategic move to further enhance TTEC's leadership structure and capabilities.
In response to recent challenges, TTEC is implementing cost optimization initiatives to achieve savings of $10 million this year and $30 million annually starting in 2025. The company is also looking to diversify and expand geographically, with a particular focus on South Africa in the coming year.
Despite operational losses and a downturn in the Engage segment, TTEC Digital continues to show resilience with new client wins and growth in managed services. Canaccord Genuity has revised its price target for TTEC Holdings in light of these developments, maintaining a Hold rating on the stock.
In conclusion, TTEC Holdings' leadership change and strategic initiatives reflect the company's commitment to adapting to market challenges and driving future growth. Investors should keep an eye on TTEC's performance in the coming months to see how these changes impact the company's financial outlook and market position.