XBP Global Holdings chairman Par Chadha to step down after current term

XBP Global Holdings, Inc. (NASDAQ:XBP) announced Monday that Par Chadha, chairman of the board of directors, has notified the company that he will not stand for re-election at the next annual meeting of stockholders. The decision was communicated to the company on October 20.

According to a statement included in the company’s SEC filing, Mr. Chadha’s decision not to stand for re-election was not the result of any disagreement with the company regarding its operations, policies, or practices. He will continue to serve as chairman and director until the expiration of his current term, unless he resigns earlier.

XBP Global Holdings, based in Irving, Texas, operates in the business services sector. The company’s common stock is listed on the Nasdaq Capital Market under the ticker XBP, and its redeemable warrants are listed under XBPEW.

This information is based on a press release statement included in the company’s Form 8-K filing with the Securities and Exchange Commission.

In other recent news, XBP Global reported a significant improvement in its second-quarter profit, driven by advancements in AI-driven automation. However, the company’s revenue fell short of expectations, totaling $191.3 million, compared to the forecasted $200.1 million. Despite the revenue miss, XBP Global achieved a record adjusted gross margin of 24.9%. The company’s normalized EBITDA increased by 8.4% from the previous year and surged 40.6% from the first quarter, reaching $21.9 million. These developments reflect the company’s ongoing efforts to enhance its operational efficiency.