ENGLEWOOD, Colo. (AP) -- Business information and analytics firm IHS Inc. has named Scott Key as its new president and CEO and raised its full-year revenue forecast.
IHS said Wednesday that the personnel move is part of its long-term succession planning. Key is currently president and chief operating officer of the Englewood, Colo., company, which he joined in 2003. He will take on his new role June 1. Jerry Stead, the current chairman and CEO, will become executive chairman at that time.
Stead said that he did not want to move on until the company had the tools in place to continue its profitable growth. He said Key is the right person to drive long-term sustainable profitable growth for IHS.
IHS also updated its earnings guidance Wednesday to reflect its acquisition of software and services company Fekete Associates, which it announced earlier this week, and its plans to sell a small, underperforming noncore asset.
The company now expects annual revenue between $1.66 billion and $1.73 billion, versus its prior forecast of $1.64 billion to $1.71 billion. It stood by its earnings forecast of $4.23 to $4.43 per share for the year. Analysts polled by FactSet, on average, were expecting the company to earn $4.39 per share on revenue of $1.68 billion.
IHS made the announcements Wednesday as part of its annual investor meeting.
Shares of the company increased 36 cents to reach $100.13, in line with broader market trends. The stock has traded between $83.02 and $118.93 over the past 52 weeks.