Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nyse  >  BlackRock, Inc.    BLK

BLACKROCK, INC.

(BLK)
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

BlackRock's Board Names Tech Executive -- WSJ

share with twitter share with LinkedIn share with facebook
share via e-mail
0
03/16/2018 | 01:48am EST

By Sarah Krouse and Joann S. Lublin

This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the U.S. print edition of The Wall Street Journal (March 16, 2018).

BlackRock Inc. is adding a slate of new board members as the world's largest money manager tackles two pillars of its growth strategy: technology and international operations.

The firm has named Margaret "Peggy" Johnson, executive vice president of business development at Microsoft Corp.; William Ford, chief executive of private-equity firm General Atlantic LLC; and U.K. insurer Aviva Plc Chief Executive Mark Wilson as directors, a spokesman said.

BlackRock, which manages $6.3 trillion in assets, attracted record new investor cash last year, pulling in the equivalent of $1 billion each day. Its business now spans investing, advisory work and a risk and portfolio management technology system known as Aladdin that the firm uses internally and sells to a growing list of financial companies.

Chief Executive Laurence Fink has said the New York firm has a goal of having a third of its revenue being "enabled by technology" in the next five years, partly through Aladdin and by using technology to fuel better investment performance and fund sales. BlackRock currently spends more than $1 billion on technology and data.

The firm last year added Cisco Systems Inc. Chief Chuck Robbins as a director, making him the first technology chief on the board.

The three new members are the most BlackRock has added at one time. The additions come as several of the firm's board members have left recently thanks to the company's age policy for directors.

Microsoft's Ms. Johnson, 56, spent more than 20 years at Qualcomm, where she was a member of the executive committee, before joining the Seattle-based technology giant.

After the expected election of the new directors at BlackRock's shareholder meeting May 23, five of the total 18 board members will be female, or about 28% of the group. At that time, a third of independent directors will be women, the highest proportion ever at BlackRock.

BlackRock and other large money managers such as State Street Global Advisors have pressed the companies in which they invest, particularly in the last year, to make their boards more diverse.

Mr. Ford, 56, has led General Atlantic since 2007 and the private-equity firm counts payments company Adyen, a number of financial technology startups and China-based internet and technology companies among the firms in which it has invested. Mr. Ford sits on the boards of portfolio companies such as IHS Markit and designer brand Tory Burch.

Aviva's Mr. Wilson, a 51-year-old New Zealand native, worked for 14 years in Asia, including four years as chief of insurer AIA Group Limited before joining the U.K. firm. BlackRock has increasingly sought to provide investment management and advice to big insurers with the help of Aladdin in recent years.

It has also tried to generate more revenue overseas. The percent of its base fees and assets under management derived from the Asia Pacific region has held steady at 7% to 8% in the last five years.

The new BlackRock appointments follow a number of director departures in recent years spurred by its age policy. Under the group's governance guidelines, directors must retire at age 75 -- unless they reached 70 years old as of July 2013, in which case they are able to serve until age 80.

Two long-serving directors with backgrounds in finance left the board last year because of the age limit and another two have now reached that threshold.

James Grosfeld, the former chairman and chief executive of Pulte Homes Inc., and Abdlatif Al-Hamad, chairman of the board for the Arab Fund For Economic and Social Development, will not stand for re-election at this year's annual meeting. A fifth independent director at BlackRock resigned last summer.

Few big businesses have boards as big as BlackRock does. The money manager and General Electric Co. were the only companies in the S&P 500 with 18 board members in 2017, according to a proxy statement analysis by Spencer Stuart, an executive-recruitment firm. The average S&P 500 board had 10.8 members last year, the Spencer Stuart study reported.

Under a new management team, GE will soon shrink the size of its board. The conglomerate will have just 12 directors following this spring's annual meeting.

Write to Sarah Krouse at sarah.krouse@wsj.com and Joann S. Lublin at joann.lublin@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
BLACKROCK, INC. 1.11% 495.76 Delayed Quote.24.82%
DJ INDUSTRIAL 1.22% 28015.06 Delayed Quote.18.65%
HUDSON'S BAY COMPANY -0.98% 9.13 Delayed Quote.26.47%
MICROSOFT CORPORATION 1.21% 151.75 Delayed Quote.47.61%
NASDAQ 100 1.07% 8397.367217 Delayed Quote.30.41%
NASDAQ COMP. 1.00% 8656.528802 Delayed Quote.28.41%
ONE STOP SYSTEMS, INC. -1.12% 1.76 Delayed Quote.-8.25%
S&P 500 0.91% 3145.91 Delayed Quote.24.36%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on BLACKROCK, INC.
12/05NEWS HIGHLIGHTS : Top Company News of the Day
DJ
12/05BlackRock Executive Ousted for Failing to Disclose Personal Relationship -- 3..
DJ
12/05Financials Up Alongside Treasury Yields -- Financials Roundup
DJ
12/05NEWS HIGHLIGHTS : Top Company News of the Day
DJ
12/05NEWS HIGHLIGHTS : Top Financial Services News of the Day
DJ
12/05NEWS HIGHLIGHTS : Top Company News of the Day
DJ
12/05BANK OF CANADA GOVERNOR STEPHEN POLO : economists
RE
12/05NEWS HIGHLIGHTS : Top Company News of the Day
DJ
12/05BLACKROCK : Executive Ousted for Failing to Disclose Personal Relationship -- 2n..
DJ
12/05NEWS HIGHLIGHTS : Top Company News of the Day
DJ
More news
Financials (USD)
Sales 2019 14 338 M
EBIT 2019 5 501 M
Net income 2019 4 322 M
Finance 2019 1 180 M
Yield 2019 2,69%
P/E ratio 2019 17,8x
P/E ratio 2020 16,2x
EV / Sales2019 5,22x
EV / Sales2020 4,84x
Capitalization 76 081 M
Chart BLACKROCK, INC.
Duration : Period :
BlackRock, Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends BLACKROCK, INC.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 513,06  $
Last Close Price 490,30  $
Spread / Highest target 13,0%
Spread / Average Target 4,64%
Spread / Lowest Target -7,81%
EPS Revisions
Managers
NameTitle
Laurence Douglas Fink Chairman & Chief Executive Officer
Robert Steven Kapito President & Non-Independent Director
Robert L. Goldstein Chief Operating Officer & Senior Managing Director
Gary S. Shedlin Chief Financial Officer & Senior Managing Director
Derek N. Stein Global Head-Business Operations & Technology
Sector and Competitors
1st jan.Capitalization (M$)
BLACKROCK, INC.24.82%76 081
BANK OF NEW YORK MELLON CORPORATION (THE)4.67%45 437
UBS GROUP-3.60%43 382
STATE STREET CORPORATION19.49%27 403
NORTHERN TRUST CORPORATION29.00%22 847
AMERIPRISE FINANCIAL INC.55.96%20 624