Zoom Appoints Former Apple VP Mike Fenger to Board of Directors

Zoom appoints Apple VP Mike Fenger to board By Investing.com

SAN JOSE - Zoom Video Communications , Inc. (NASDAQ: NASDAQ:ZM) today announced the appointment of Mike Fenger, Vice President Worldwide Sales at Apple (NASDAQ:AAPL), as an independent director on its Board of Directors. Fenger brings to Zoom a wealth of experience from his tenure at Apple, as well as previous senior roles at General Electric (NYSE:GE) and Motorola (NYSE:MSI). Fenger's appointment is effective immediately, and he is expected to provide strategic insights to support Zoom's growth and innovation initiatives. His background includes significant contributions to product sales at Apple, where he has been instrumental in expanding iPhone distribution globally and strengthening partnerships across telecommunications and consumer electronics resellers. Zoom's CEO, Eric S. Yuan, expressed enthusiasm about Fenger joining the team, citing his global leadership and track record as a valuable asset that aligns with Zoom's vision. Yuan believes Fenger's fresh perspective will be beneficial as the company continues to drive its growth and success. With over two decades of experience in building and leading sales teams for global companies, Fenger's expertise spans sales, operations, marketing, and supply chain management across the Americas, Europe, and Greater China. His educational background includes a bachelor's degree in Economics from Miami University. Zoom, known for its video conferencing platform, has expanded its offerings to include Zoom Workplace, an open collaboration platform with AI Companion, and Zoom Business Services for sales, marketing, and customer care teams, which includes Zoom Contact Center. The company, founded in 2011 and headquartered in San Jose, California, emphasizes its mission to provide a platform that delivers limitless human connection. The information regarding Mike Fenger's appointment to Zoom's Board of Directors is based on a press release statement. In other recent news, Zoom Video Communications showcased a promising performance in its second quarter of fiscal year 2025. The company's revenue saw a modest increase of 1% year-over-year, with its enterprise segment, which accounts for nearly 60% of total revenues, growing by 4%. Zoom's earnings per share significantly outperformed due to better-than-expected margins. The company's total revenue increased by 2% year-over-year, reaching $1.16 billion. Non-GAAP income from operations exceeded guidance at $456 million, and non-GAAP diluted net income per share surpassed expectations at $1.39. Analyst firms have responded to these recent developments. Citi raised Zoom's stock price target to $69 while maintaining a neutral stance. Deutsche Bank (ETR:DBKGn) increased its price target for Zoom to $75, also maintaining a hold rating. Goldman Sachs (NYSE:GS) raised its stock price target from $70 to $72, noting Zoom's operational efficiency and a record low online churn rate of 2.9%. Despite these upward revisions, all three firms maintained a neutral rating on Zoom's stock. In light of these developments, Zoom has revised its full-year revenue outlook to between $4.63 billion and $4.64 billion, with non-GAAP earnings per share expected to be $5.29 to $5.32. The company also announced the impending departure of CFO Kelly Steckelberg. These are part of the recent developments at Zoom. As Zoom Video Communications (NASDAQ: ZM) welcomes Mike Fenger to its Board of Directors, the company's financial health and market performance continue to be areas of interest for investors. With a market capitalization of $21.59 billion, Zoom's stature in the market is substantial. An InvestingPro Tip highlights that Zoom holds more cash than debt on its balance sheet, indicating a strong liquidity position that could support its growth and innovation initiatives, areas where Fenger's expertise is poised to contribute. Further bolstering investor confidence, 28 analysts have revised their earnings estimates upwards for the upcoming period, as per another InvestingPro Tip. This consensus suggests optimism about Zoom's future financial performance, aligning well with the strategic insights Fenger is expected to provide. In terms of profitability, Zoom has demonstrated impressive gross profit margins, with the last twelve months as of Q2 2025 showing a remarkable 75.89%. Additionally, the company's valuation implies a strong free cash flow yield, which is a key metric that investors often use to gauge a company's ability to generate cash and sustain growth. For investors interested in more in-depth analysis and additional insights, InvestingPro offers a range of tips, including Zoom's recent stock price movements and predictions about the company's profitability. There are 11 more InvestingPro Tips available for Zoom at: https://www.investing.com/pro/ZM, which can provide further guidance for those looking to make informed investment decisions.

Zoom Appoints Mike Fenger to Board of Directors - Zoom Video Comms (NASDAQ:ZM)

SAN JOSE, Calif., Aug. 26, 2024 (GLOBE NEWSWIRE) -- Zoom Video Communications, Inc. ZM announced that it has appointed Mike Fenger, vice president Worldwide Sales, Apple, as an independent director on Zoom's Board of Directors effective immediately. "Zoom plays an important role connecting people around the world, and I'm excited to join the Board and contribute to its future success," said Mike Fenger, vice president Worldwide Sales, Apple. "Eric Yuan has built a great team and the company's dedication to driving innovative technology is inspiring. I'm really looking forward to working with them." "On behalf of Zoom's Board of Directors, I am thrilled to welcome Mike to the team," said Zoom founder and CEO Eric S. Yuan. "Mike's experience at Apple, and companies including GE, and his proven track record of global leadership bring valuable insights that align perfectly with our vision. We're excited to see the fresh perspective and innovative ideas he'll contribute as we continue driving our growth and success." About Mike Fenger Mike oversees global product sales for Apple, and his team plays an important part in helping customers discover products they love. Since joining Apple in 2008, he has also had a key role in strengthening telecommunications and consumer electronic reseller partnerships, and deepening connections with customers in enterprise, education, and government. He began his Apple career as vice president of Global iPhone Sales, where he led the expansion of iPhone distribution to customers around the globe. Mike has over 20 years of experience building and leading sales teams for global companies. Before joining Apple, he held senior positions at General Electric and Motorola, where he helped develop and execute strategy for sales, operations, marketing, and supply chain management in the Americas, Europe, and Greater China. Mike is a graduate of Miami University, where he earned a bachelor's degree in Economics. About Zoom Zoom's mission is to provide one platform that delivers limitless human connection. Reimagine teamwork with Zoom Workplace -- Zoom's open collaboration platform with AI Companion empowers teams to be more productive. Together with Zoom Workplace, Zoom's Business Services for sales, marketing, and customer care teams, including Zoom Contact Center, strengthen customer relationships throughout the customer lifecycle. Founded in 2011, Zoom is publicly traded ZM and headquartered in San Jose, California. Get more information at zoom.com. Zoom PR Colleen Rodriguez Head of Global PR [email protected] Market News and Data brought to you by Benzinga APIs