investor relations thesis

The Determinants and Effects of Effective Investor Relations (IR)

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• Jul 13, 2022

Start with a Compelling Investor Thesis

‘ We really need to refresh our corporate deck ’ – a common refrain from our biotech clients seeking to strengthen their investor relations engagement efforts.

A strong corporate slide deck is an essential tool to communicate any biotech’s story. However, we strongly believe there is an essential exercise that should be undertaken prior to developing or revising the deck. This is the creation of a strategic document we term the corporate ‘Investment Thesis’.

The Investment Thesis is a brief synopsis of the company that should articulate, in a crisp and compelling manner, the company’s focus, path to value creation, and why investors need to pay attention now. The purpose of this document is to serve as a guide for all key corporate messaging including the corporate deck, website, press releases, SEC disclosures, and Q&A. While the Investment Thesis will not directly be used externally, this critical document will be the foundation for all investor focused communications.

The Investment Thesis should be a short document, typically less than a half page or about 5 bullet points. These should summarize the company, its plan to create value and anticipated milestones. An essential element is to ensure that the narrative is concise and only includes the most important components of the company’s value creation story. It shouldn’t include secondary proof points or programs and opportunities of lesser importance.

Is it Really Necessary?

In our experience, company leaders often believe that their management team is already aligned on the strategy, such that the exercise of creating an Investment Thesis isn’t necessary. Interestingly, we have found that, almost universally, development of the narrative prompts meaningful discussions regarding corporate priorities and strategy. Productive discussions occur across the management team where constructive debate spurs alignment on the corporate vision, priorities and pending milestones. Often, the process of developing this document yields important benefits, and ultimately creates a useful tool that will guide future communications.

Components of the Investment Thesis

As with all communications, it is essential to consider your specific audience. Broadly, the primary audience is current and prospective investors. However, it is helpful to consider the specific audience, and their context, more narrowly. A biotech with a highly technical platform aiming to close a Series B should target a different investor group than a more mature, publicly-traded clinical-stage company.

The components of the Investment Thesis should be specific to your company. Typically, these should include brief descriptions for key assets and the ‘reason to believe’. This should not be a detailed description of all scientific and clinical supportive evidence but rather focus on the most critical points. However, of course additional detail can and should be included in derivative documents (e.g., corporate deck).

There is often a push from certain team members to include secondary, earlier stage assets in the Investment Thesis. Our recommendation is that less is more here. It is best to keep this document truly strategic and focused on what is most important to the company’s value creation efforts. Consider the document a 30 – 60 second elevator pitch articulating the key points that investors should remember.

Beyond the core programs, it may also be helpful to include additional elements of the company that may drive investors’ interest or provide validation. This could include mention of the company’s intellectual property, prior investor base, cash position, and existing collaborations. Some companies may also want to highlight the strength of the management team, and this may be warranted if the team is especially well known in the industry.

The Investment Thesis should also capture why an investor should pay attention now. Highlighting near-term milestones and anticipated value drivers will motivate prospective investors to consider taking a position in the near-term.

Using the Investment Thesis

The development of the Investment Thesis is an iterative process, typically with several rounds of management discussion. Debates regarding program prioritization, corporate strategy and pending milestones are typical. Once complete, all corporate communication materials should be reviewed to ensure these are reflective of the priorities and messaging emphasized in the Investment Thesis. In many cases, companies will note that the messaging contained within current communication materials is not aligned, which may prompt a refresh of the corporate slide deck and other materials (e.g., website). The Investment Thesis messaging should also inform future press releases other corporate disclosures, as well as how management handles investor Q&A.

The company’s Investment Thesis, as a strategic document, should remain relevant for a reasonable period of time. However, it is prudent to revisit the narrative periodically and especially after key corporate events.

Kendall Investor Relations, LLC has extensive experience successfully helping public and private biotechs optimally position their technology and effectively reach high-quality investors. Our perspective is informed by substantial industry and capital markets leadership experience that includes roles in research, corporate development, commercial operations, finance, and investor relations.

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What your most important investors need to know

Communicating with investors is a delicate task requiring transparency, consistency, and a simple story. But the messaging shouldn’t target all investors equally. In this episode of the Inside the Strategy Room podcast, four experts discuss how to maximize the impact of investor relations. Jay Gelb and Werner Rehm colead McKinsey’s work in investor relations and communications; David Honigmann is an expert in organizational and interpersonal communications; and Karl Mahler is the former of head of investor relations at Hoffmann-La Roche. This is an edited transcript of their conversation. For more discussions on the strategy issues that matter, follow the series on your preferred podcast platform .

Sean Brown: What are the key principles that should guide how companies approach investor relations?

Werner Rehm: First, the goal of investor relations should be to align the share price with the intrinsic value of the company. It’s not helpful to be below that value, obviously, but it’s also not helpful to be above it, because at some point the share price will come down to what the company should be worth and that can happen quickly.

It’s also important to think about which investors to talk to, because you won’t please them all. You will have long-term investors and momentum players, and focusing on intrinsic investors that invest in the long-term strategy matters most. These are the owners of the company, and they deserve not only an honest assessment of financial and operating performance but to be apprised of any bad news.

We also think that content should dominate style. Some companies make a show out of investor day rather than treating it as an educational session about how and why the company makes money. Investor communications should highlight a deep understanding of the competitive dynamics, product markets, and long-term developments such as how ESG influences your customers’ behavior. Lastly, what’s internal is also external and vice versa, so consistency is important.

Sean Brown: You mentioned intrinsic investors. How do you define them?

Jay Gelb: There are different types of institutional investors, ranging from index funds to traders to what we call intrinsic investors. These investors undertake rigorous due diligence on companies’ ability to create long-term value and tend to build their portfolios from scratch, without taking cues on weighting from benchmarks. They also care deeply about the company’s underlying performance rather than quarterly results and the noise in the marketplace. Oftentimes, they view share price pullbacks as opportunities to increase their positions. This group is also unlikely to trade in and out of your stock. Intrinsic investors are your company’s support base over the long term, and the leadership team should be more open to meeting with them than other investors.

Intrinsic investors care deeply about the company’s underlying performance rather than quarterly results and the noise in the marketplace. Jay Gelb

Sean Brown: How do you identify those intrinsic investors?

Werner Rehm: The concept of active share of a fund can be helpful. It’s a mathematical measure of distance from index funds. You can segment investors by who holds your stock for the longest term on average, who has a high active share on average, and so on.

Karl Mahler: In a large company like Roche, our investors were investing $6 to $9 billion. They cannot go into and out of a stock because they would move too much volume. What we did was check regularly to see who the top ten or 15 shareholders were and kept in regular contact with them. These were our intrinsic investors.

Sean Brown: You recently conducted a survey of intrinsic investors. What did the results tell you about how they make their investment decisions?

Jay Gelb: Intrinsic investors are focused mostly on company specifics rather than on industry conditions. For example, they look at your company’s sustainable competitive advantages, your margin profile, and whether the company is an efficient allocator of capital. These investors want to understand your strategy and they focus on long-term value creation rather than short-term trends (exhibit).

These long-term-focused investors also want companies to take risks that will generate attractive returns and they care about management delivering on its objectives. We found that only a small percentage of intrinsic investors seek companies with low earnings volatility or a track record of exceeding consensus estimates, because those elements don’t necessarily enhance shareholder value. There are plenty of companies that have volatile earnings but a phenomenal track record of generating value over time, which is what’s ultimately reflected in a company’s valuation.

Sean Brown: What’s the best way for companies to engage with these investors?

Jay Gelb: You need to treat them as sophisticated thought partners. These investors often have good insights based on what they learned from other successful companies that can be applied to your situations. It’s important to be specific, to maintain transparency, and to establish and then maintain your credibility with them. Those are critical points. You should be open about both your successes and your failures. In addition, you should demonstrate to them a deep knowledge of the company and the industry and be clear that you won’t invest in projects or M&A opportunities with low payoff potential.

Karl Mahler: In the end, it’s all about management credibility and capability. The management has to convince the investor market that they are doing the right things. That credibility is as important as your products, because investors want to know that you will use their money in the best way. They want the company’s leaders to be authentic, transparent, and clear about their shortcomings. Sometimes, you simply don’t know what the future will bring and pretending you do is the worst thing you can do. Management should say, “This is what I know, this is what I don’t know, and I will try to manage in the best way I can.”

In the end, it’s about management credibility and capability. Investors want the company’s leaders to be authentic, transparent, and clear about their shortcomings. Karl Mahler

David Honigmann: This applies not only when management is talking to investors but when they are talking to employees or the press. Part of authenticity is being consistent across all the communication channels and audiences.

Sean Brown: Karl, during your time at Hoffmann-La Roche, how did you manage all the information—and misinformation—out there and keep the messages to your investors consistent?

Karl Mahler: In my experience, you have super-knowledgeable investors on one side who can go deep and know everything about your products. These are specialists who often work for large funds. Then there are generalists who maybe in the morning invest in a healthcare company and in the afternoon in a consumer goods business. You have to find a way to make your story appeal to both the specialists and the generalists, because you want both to invest in your company.

The best way to do that is to keep the messaging simple and crisp. As soon as the slides start to get full, with one message after another, people get lost. You can stay consistent only if you have a clear and easy-to-understand story. The biggest mistake I see companies make is trying to put out too many messages that are too complicated.

Sean Brown: Sometimes, a bad quarter could lead to a stock sell-off and maybe change intrinsic investors’ value thesis. How should management teams handle that?

Werner Rehm: Every company will occasionally miss its numbers, but it matters why. If you miss because of a one-time tax settlement or another reason that can be easily explained, it doesn’t make much difference in the long term. If you miss because you have a fundamental problem that is likely to continue, that will matter. Sometimes, the share price does not go down because of earnings per share [EPS] but because, for example, M&A news was poorly received. It’s important to understand whether the missed numbers send a long-term signal.

Jay Gelb: You want to avoid being on the quarterly guidance treadmill. That’s challenging for companies, particularly when they don’t meet their numbers and the market reacts. Instead, management should communicate long-term, aspirational targets. I don’t mean EPS guidance or even a range for next year but key performance indicators for top-line or sales growth, margins, customer growth, return on invested capital or equity, or expectations of capital deployment and whether you will reinvest that capital in the business to support growth, in M&A, or return it to shareholders. Remember that a sell-off becomes a buying opportunity for intrinsically oriented investors. As long as the company keeps marching toward its long-term aspirations, long-term investors will remain, despite some interim noise from trading-oriented investors.

Karl Mahler: I think that’s a super-important point. You should focus on the medium-term or long-term outlook. As long as you can convince investors that you are still on the right track, a quarter is not an issue. If, however, earlier messaging pointed in the wrong direction or executives are regularly overpromising, that starts to hurt because investors are no longer sure what the next quarter will bring. But as long as you can convince investors that your long-term path is intact, the short-term blips are just that. Every company has them.

Werner Rehm: It comes back to the first thing that we discussed, which is the role of investor relations in aligning market value with intrinsic value. If you try to maximize the share price by inflating that value, it will come back to you likely in the form of a missed quarter, because at some point you will miss your revenue or top-line estimate.

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Sean Brown: How do you frame a strategy story or an equity story for your intrinsic investors?

Werner Rehm: I find that people often overcomplicate this. If you have a good strategy, it should be fairly easy to tell the strategic story. It starts with, what’s the market opportunity? What do customers want? And what do investors need to understand about this? For instance, some markets are moving toward sustainable products and customers are willing to pay a premium. That’s an opportunity, so what is a strategy to capture that?

How you can create value given that context is the next point to cover. What are your sustainable competitive advantages? What makes your company distinctive? Next, you want to present a road map. You may need to build out your sales force in Asia, for example. You may need to reshuffle your resources, assets, capital deployment. Then you want to summarize the impact in broad strokes—not for the next quarter but how you see this industry potentially making a 15 or 25 percent return on capital. You might say, “We think that, over the long term, this segment will grow faster than population plus inflation, and here’s why.”

Once you have outlined the market, how you will create value in that market, how you will implement the strategy, and the impact and risks that you see, it’s useful to show some evidence. In some industries you can’t do it, but in consumer goods or services, for example, you can use test markets. Some insurance companies have said, “We tested our digital strategy in a small country and got higher retention rates.” Sometimes, getting that evidence makes you correct your strategy. Maybe you saw higher retention rates but not as quickly as you wanted. Finally, there is the management team: How is compensation aligned with your long-term strategy? Your story should have a top-down structure of explaining who you are, what you’re going, and how.

Jay Gelb: Interestingly, many companies don’t start with the market opportunity—they go right into the value creation plan or company specifics. When I was an equity analyst, I’d spend an inordinate amount of time thinking about the industry in terms of growth potential, profit opportunity, opportunity for share shifts, and how companies could improve their standing with customers. That’s sometimes overlooked by companies but can be a very impactful starting point.

Sean Brown: Where do sustainability and ESG fit into the story? What do intrinsic investors want to know about how companies approach these issues?

Werner Rehm: In our investor survey of chief investment officers, we asked, “What’s your most common question about ESG?” Consistently, they said, “How do the ESG initiatives drive cash flows in the future?” Intrinsic investors don’t ask about company actions but rather the impact of those actions. At the same time, these investors seem to lack a point of view on the best measures to track the long-term value of ESG investments. There is a real need for investor relations to translate the actions listed in ESG or sustainability reports into what they mean for the strategy—and to put market opportunity first. “Our portfolio is shifting, the customer demand is shifting, regulatory issues are shifting, so here is our strategy.” In some cases, the ESG strategy could determine whether you continue to have a business in 20 years. If you are a car manufacturer and don’t have electric vehicles in your portfolio, in 15 years you likely will no longer be a car company.

The most common question investors have about ESG is, ‘How do the ESG initiatives drive cash flows in the future?’ Intrinsic investors don’t ask about company actions but rather the impact of those actions. Werner Rehm

Sean Brown: How do you align the story you share with investors with your internal communications and employee perceptions?

David Honigmann: It’s clear that investor relations dialogues don’t take place in a vacuum. We used to have a model where the IR department talked to investors, procurement talked to suppliers, HR or internal communications talked to employees, government affairs talked to regulators, and so on—those were all separate, bilateral conversations. Now, any conversation held with any group is, at least theoretically, public to every other group. You can’t say something to customers, for example, and not expect investors to find out. Employees discuss transformations or job cuts or strategic pivots in a public forum and it’s immediately out everywhere. Customers consider boycotts. Investors become wary—not necessarily because of job cuts but because the way they’re handled makes management look incompetent. It can also go the other way: companies talk with investors about their ESG plans and that becomes public because NGOs and others hear about it, and the talent you want to attract is suddenly scared off.

What can you do about it? The first thing is to analyze what your investors have heard. In other words, you can’t pretend that other conversations aren’t happening, and you need to know what people are saying. Second, as Werner said, you need a single-story approach for all audiences, because they will hear what you tell other people. That doesn’t mean you don’t tailor your message to what a specific audience is interested in, but the overall story needs to be consistent. Somebody at the company has to own that one story for it to have a coherent structure and clear governance.

Sean Brown: How should the investor relations team engage with other departments to make sure there is a single story?

David Honigmann: It’s not so much about where the solid lines are, but that the dotted lines are as solid as you can make them. If there is one action you could take tomorrow morning, it would be to ask your investor relations team to organize a meeting with internal coms, PR, recruitment, procurement, and marketing to agree on your single story and then maintain a regular cadence of meetings to keep everyone connected. If you don’t do that, one of those communication channels will get blindsided by something that happens in another.

Sean Brown: What’s your sense of the time that the CFO and the CEO, who ultimately own the investor relationships, should dedicate to engaging with intrinsic investors?

Jay Gelb: We think it should be on the order of 10 to 15 percent of their calendar—not just on intrinsic investors but all investor outreach, whether that be investor conferences or hosting investor day. If not managed, these tasks can take up an inordinate amount of their schedule, which is why it’s important for the C-suite to focus on the investors that matter most. If there are one or two standout sell-side equity analysts who are intrinsically oriented around your business, spending time with them as well can be helpful to getting the message out.

Karl Mahler: You have to have regular contact with intrinsic investors. You need to talk to them every quarter, not only when you have an issue. They want regular updates.

Sean Brown: In large companies with many divisions and businesses, is there a risk that the story becomes too complicated?

Jay Gelb: Sure. The structure of how you present the business units to investors is critical. First, that structure should help them understand the economics of each business and how that rolls up to the overall results. Second, it should help investors conduct due diligence on the company. It’s even better if that structure aligns with how the company manages the businesses, because then you can have specific questions or issues directed toward those executives. Lastly, remember that being able to value individual business units separately based on growth, margin, return profile, and sources or uses of cash matters to how investors approach the overall story.

Karl Mahler:  In the end, investors will only invest in something they understand. The more business units you have, the more complex it becomes for them. Investors either go into single-theme investments, such as pure-play pharma, or invest in mixed or conglomerate-type companies because they feel that’s appropriate for their risk profile, diversification, and so on. The business is what the business is, but you have to explain, in as easy a way as possible, the business fundamentals.

Jay Gelb is a partner in McKinsey’s New York office and David Honigmann is a senior expert in the London office. Karl Mahler , former head of investor relations for Hoffmann-La Roche, is a senior adviser to McKinsey, based in Zurich. Werner Rehm is a partner in the New Jersey office. Sean Brown is global director of communications for McKinsey’s Strategy & Corporate Finance Practice, and is based in Boston.

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Essays on Firm - Investor Relations and Organizational Misconduct

My thesis focuses on the topics of firm–investor relations and organizational misconduct. My first chapter uses data on flight paths of corporate jets to assess the likelihood that executives are engaging in private meetings to provide market sensitive information to large investors ahead of key events, such as share repurchase announcements and positive earnings surprises. This study contributes to a sociopolitical perspective on corporate governance by showing that providing inside information to shareholders is one covert way in which executives provide substantial favors to the investors who are important for the pursuit of their political interests. In my second chapter, I document that a government policy that most would agree is beneficial for social welfare (i.e., closing an ethically dubious tax loophole used by institutional investors) had a depressive impact on strategic actions that many would consider desirable (e.g., R&D and capital investments) among the firms in which the affected investors had invested. This study advances research on firm–investor relations and firm reactions to capital market pressures. My third chapter develops a theory of organizational control to identify characteristics of organizations that may increase the likelihood that their members engage in severe acts of abuse towards people under their control or care. Using data on the sadistic abuse of vulnerable patients by care home staff, we show that organizational context can unleash the darker inclinations in human behavior. Overall, my thesis extends research on organizational misconduct by highlighting the role of organizational context as antecedents of abusive behavior within organizations and the importance of using indirect ways to expose fraud and liminal behavior. My thesis also contributes to research on firm–investor relations by providing insight into the quid pro quo relationships between executives and institutional investors and showing how executives’ attempts to adapt to investors’ idiosyncratic financial circumstances and interests may constrain their firms’ future actions.

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Fabricio Bloisi appointed CEO, Prosus and Naspers

17 May 2024

The Netherlands, Amsterdam, 17 May 2024: Prosus N.V. (AEX: PRX) today announced that the Boards of Prosus and Naspers have unanimously approved the appointment of Fabricio Bloisi as Chief Executive Officer (CEO), Prosus and Naspers Group (“the Group”). The appointment is effective as of 1 July 2024.

Fabricio Bloisi assumes the role of Group CEO from his role as CEO, iFood. Fabricio acquired iFood in 2013 when it was a 20-person start-up. He has since grown it rapidly and profitably to become Brazil’s leading food delivery company. Fabricio is a proven entrepreneur and innovator with deep roots in operating, building and scaling world-class technology companies within growth markets.  

The Board would like to thank Ervin Tu for his strong leadership of the Group over the last eight months as Interim CEO. Ervin will continue to play a critical role in shaping the Group’s future in a new position, President and Chief Investment Officer (CIO).

Koos Bekker, Prosus and Naspers chair, said , “Backing exceptional entrepreneurs who improve people’s everyday lives through technology has brought us some success over the years. Fabricio is an entrepreneur with a proven track record. His appointment as CEO places innovation and entrepreneurship at the heart of the Group.

“Fabricio has established iFood as one of the most innovative food delivery companies in the world. Also, a famous brand in Latin America. He has a combination of vision, deep operational experience and strong discipline. It is this skillset which the Board believes make him the right person to now lead us.

“Ervin has done an outstanding job as our interim CEO. He navigated a challenging external environment, re-focussed our teams, and brought energy and vigour to bear. As our new President and CIO, he will play a fundamental role in shaping the Group’s future strategy, investments, and capital allocation.”

Fabricio Bloisi said, “It is an honour to be given the opportunity to lead Prosus and Naspers during a very exciting period of innovation and change within the technology space. I am proud that we have grown iFood into one of the largest and most successful brands in Latin America. This was driven by a passionate team balancing innovation with disciplined investment, while acting fast and empowering our great people. That combination is in my DNA, and I will bring it to my new role as Prosus and Naspers CEO.

“I believe we are in an amazing moment, where technology disruption can change the life of billions of people for the better. A company like Prosus must play an important role in identifying new technologies, such as AI, that impact the world and specifically emerging markets. Our focus on innovation and discipline, combined with our outstanding people, knowledge, and culture, is a recipe for better experiences for our customers, opportunities for employees and better results for our shareholders long into the future.”

Ervin Tu, said, “ Fabricio has an incredible operating track record, founders’ passion, is a champion of culture and has the vision to think big and bigger. We’re in the midst of a fascinating time of change in the technology industry. There are many opportunities ahead and I couldn’t be more excited to work alongside Fabricio on this journey.”

Fabricio Bloisi will join the Naspers board as an executive director on 1 July and the Prosus board following the AGM in August 2024, subject to shareholder approval.

The Group’s strategic goals remain unchanged, and it is on target to deliver on its commitments, including achieving consolidated ecommerce trading profit during the second half of FY24, and the continuation of the open-ended share repurchase programme. More information will be included in the year-end results to be published on 24 June 2024.

The company will convene a call with investors to discuss the announcement at 11:00am CET today, Friday 17 May. To join the call, register here .

About Fabricio Bloisi

Fabrício Bloisi is the founder of Movile and the CEO of iFood, the leading food delivery company in Latin America. iFood has over 5,000 employees, 350,000 partner restaurants, works with over 300,000 delivery partner couriers, and serves over 96 million orders per month. iFood directly and indirectly moved U$20 billion in gross production value, impacting 0.53% of Brazil's GDP in 2022.

Fabricio holds a degree in Computer Science from the State University of Campinas (UNICAMP) and a MBA from Getulio Vargas Foundation (FGV/EAESP). His thesis focused on high-growth startups, innovation, and strategy. He also completed the EPGC program at Stanford Graduate School of Business and OPM at Harvard.

He is personally dedicated to promoting education projects through his 1Bi Foundation to support education through technology. 1Bi supports projects such as Potência Tech, Meu Diploma do Ensino Médio, Movimento Tech, and the XPrize. In 2023, Fabricio was appointed as a UN spokesperson on education on SDG 4 for Brazil and also joined the economic and sustainable development council of the President of the Republic of Brazil.

About Prosus

Prosus is a global consumer internet group and one of the largest technology investors in the world.

Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities.

The group is focused on building meaningful businesses in the online classifieds, food delivery, payments and fintech, and education technology sectors.

Through the Prosus Ventures team, the group invests in new technology growth opportunities within logistics, fintech, health, blockchain, social and ecommerce platforms, agriculture and more.

The team actively backs exceptional entrepreneurs using technology to improve people's everyday lives.

Each month, over two billion customers across the globe use the products and services of companies that Prosus has invested in, acquired or built.

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News & Insights

Why It's Time to Sell Starbucks and Buy Dutch Bros Instead

May 18, 2024 — 05:02 am EDT

Written by Jason Hall and Jeff Santoro for The Motley Fool  ->

In this video, Motley Fool contributors Jason Hall and Jeff Santoro break down the bear thesis for Starbucks (NASDAQ: SBUX) and make the bull case for Dutch Bros (NYSE: BROS) .

*Stock prices used were from the afternoon of May 15, 2024. The video was published on May 19, 2024.

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Jason Hall has positions in Starbucks. Jeff Santoro has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Starbucks. The Motley Fool has a disclosure policy . Jason Hall is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link they will earn some extra money that supports their channel. Their opinions remain their own and are unaffected by The Motley Fool.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Access Reminder for Bruker Investor Webinar on May 17, 2024

Bruker Corporation (Nasdaq: BRKR) will host an Investor Webinar from 10 am to about 12 noon Eastern Daylight Time (EDT) tomorrow May 17, 2024, to provide additional insights into its three recent acquisitions of Chemspeed, ELITech, and of the NanoString business. Bruker also expects to provide an update to its medium-term financial outlook.

The Investor Webinar will include presentations by CEO Frank H. Laukien, CFO Gerald Herman, and by the leaders of these three new Bruker businesses, Bernd Gleixner, Christoph Gauer and Mark Munch. The presentations will followed by a live Q&A session for analysts and investors.

The link to the Investor Webinar and dial-in option info will be available in the Events & Presentations section of the Company’s Investor Relations website at https://ir.bruker.com . A replay will be available on Bruker’s Investor Relations website after the conclusion of the event.

About Bruker Corporation – Leader of the Post-Genomic Era (Nasdaq: BRKR)

Bruker is enabling scientists and engineers to make breakthrough post-genomic discoveries and develop new applications that improve the quality of human life. Bruker’s high-performance scientific instruments and high-value analytical and diagnostic solutions enable scientists to explore life and materials at molecular, cellular, and microscopic levels. In close cooperation with our customers, Bruker is enabling innovation, improved productivity, and customer success in post-genomic life science molecular and cell biology research, in applied and biopharma applications, in microscopy and nanoanalysis, as well as in industrial and cleantech research, and next-gen semiconductor metrology in support of AI. Bruker offers differentiated, high-value life science and diagnostics systems and solutions in preclinical imaging, clinical phenomics research, proteomics and multiomics, spatial and single-cell biology, functional structural and condensate biology, as well as in clinical microbiology and molecular diagnostics. For more information, please visit www.bruker.com .

Justin Ward Sr. Director, Investor Relations & Corporate Development Bruker Corporation T: +1 (978) 313-5800 E: [email protected]

View source version on businesswire.com: https://www.businesswire.com/news/home/20240516258602/en/

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Fabricio Bloisi appointed CEO, Prosus and Naspers

17 May 2024

The Netherlands, Amsterdam, 17 May 2024: Prosus N.V. (AEX: PRX) today announced that the Boards of Prosus and Naspers have unanimously approved the appointment of Fabricio Bloisi as Chief Executive Officer (CEO), Prosus and Naspers Group (“the Group”). The appointment is effective as of 1 July 2024.

Fabricio Bloisi assumes the role of Group CEO from his role as CEO, iFood. Fabricio acquired iFood in 2013 when it was a 20-person start-up. He has since grown it rapidly and profitably to become Brazil’s leading food delivery company. Fabricio is a proven entrepreneur and innovator with deep roots in operating, building and scaling world-class technology companies within growth markets.  

The Board would like to thank Ervin Tu for his strong leadership of the Group over the last eight months as Interim CEO. Ervin will continue to play a critical role in shaping the Group’s future in a new position, President and Chief Investment Officer (CIO).

Koos Bekker, Prosus and Naspers chair, said , “Backing exceptional entrepreneurs who improve people’s everyday lives through technology has brought us some success over the years. Fabricio is an entrepreneur with a proven track record. His appointment as CEO places innovation and entrepreneurship at the heart of the Group.

“Fabricio has established iFood as one of the most innovative food delivery companies in the world. Also, a famous brand in Latin America. He has a combination of vision, deep operational experience and strong discipline. It is this skillset which the Board believes make him the right person to now lead us.

“Ervin has done an outstanding job as our interim CEO. He navigated a challenging external environment, re-focussed our teams, and brought energy and vigour to bear. As our new President and CIO, he will play a fundamental role in shaping the Group’s future strategy, investments, and capital allocation.”

Fabricio Bloisi said, “It is an honour to be given the opportunity to lead Prosus and Naspers during a very exciting period of innovation and change within the technology space. I am proud that we have grown iFood into one of the largest and most successful brands in Latin America. This was driven by a passionate team balancing innovation with disciplined investment, while acting fast and empowering our great people. That combination is in my DNA, and I will bring it to my new role as Prosus and Naspers CEO.

“I believe we are in an amazing moment, where technology disruption can change the life of billions of people for the better. A company like Prosus must play an important role in identifying new technologies, such as AI, that impact the world and specifically emerging markets. Our focus on innovation and discipline, combined with our outstanding people, knowledge, and culture, is a recipe for better experiences for our customers, opportunities for employees and better results for our shareholders long into the future.”

Ervin Tu, said, “ Fabricio has an incredible operating track record, founders’ passion, is a champion of culture and has the vision to think big and bigger. We’re in the midst of a fascinating time of change in the technology industry. There are many opportunities ahead and I couldn’t be more excited to work alongside Fabricio on this journey.”

Fabricio Bloisi will join the Naspers board as an executive director on 1 July and the Prosus board following the AGM in August 2024, subject to shareholder approval.

The Group’s strategic goals remain unchanged, and it is on target to deliver on its commitments, including achieving consolidated ecommerce trading profit during the second half of FY24, and the continuation of the open-ended share repurchase programme. More information will be included in the year-end results to be published on 24 June 2024.

The company will convene a call with investors to discuss the announcement at 11:00am CET today, Friday 17 May. To join the call, register here .

About Fabricio Bloisi

Fabrício Bloisi is the founder of Movile and the CEO of iFood, the leading food delivery company in Latin America. iFood has over 5,000 employees, 350,000 partner restaurants, works with over 300,000 delivery partner couriers, and serves over 96 million orders per month. iFood directly and indirectly moved U$20 billion in gross production value, impacting 0.53% of Brazil's GDP in 2022.

Fabricio holds a degree in Computer Science from the State University of Campinas (UNICAMP) and a MBA from Getulio Vargas Foundation (FGV/EAESP). His thesis focused on high-growth startups, innovation, and strategy. He also completed the EPGC program at Stanford Graduate School of Business and OPM at Harvard.

He is personally dedicated to promoting education projects through his 1Bi Foundation to support education through technology. 1Bi supports projects such as Potência Tech, Meu Diploma do Ensino Médio, Movimento Tech, and the XPrize. In 2023, Fabricio was appointed as a UN spokesperson on education on SDG 4 for Brazil and also joined the economic and sustainable development council of the President of the Republic of Brazil.

About Naspers 

Established in 1915, Naspers has transformed itself to become a global consumer internet company and one of the largest technology investors in the world. Through Prosus, the group operates and invests globally in markets with long-term growth potential, building leading consumer internet companies that empower people and enrich communities. Prosus has its primary listing on Euronext Amsterdam, and a secondary listing on the Johannesburg Stock Exchange and Naspers is the majority owner of Prosus. 

In South Africa, Naspers is one of the foremost investors in the technology sector and is committed to building its internet and ecommerce companies. These include Takealot, Mr D Food, Superbalist, Autotrader, Property24 and PayU, in addition to Media24, South Africa’s leading print and digital media business. 

Naspers has a primary listing on the Johannesburg Stock Exchange (NPN.SJ), a secondary listing on the A2X Exchange (NPN.AJ) in South Africa, and has a level 1 American Depository Receipt (ADR) programme which trades on an over-the-counter basis in the United States of America.

For more information, please visit www.naspers.com .

Naspers Labs 

In 2019, Naspers Labs, a youth development programme designed to transform and launch South Africa’s unemployed youth into economic activity, was launched. Naspers Labs focuses on digital skills and training, enabling young people to pursue tech careers.

Response to COVID-19

Naspers contributed R1.5 billion of emergency aid to support the South African government’s response to the COVID-19 pandemic. This contribution consisted of R500 million towards the Solidarity Fund and R1 billion worth of PPE sourced and distributed to South Africa’s front-line healthcare workers. In addition, Naspers contributed R6.9 million to the Nelson Mandela Foundation's EachOne FeedOne programme to support families who COVID-19 has impacted with meals for a year.