FTRE - Catch-up with the Company on CFO Transition Announcement

Research evidence excerpt

FTRE - Catch-up with the Company on CFO Transition Announcement

Truist Securities

Equity Research Report June 26, 2026

HEALTHCARE: Contract Research Fortrea Holdings Inc. (FTRE)

Organizations

FTRE - Catch-up with the Company on CFO Transition

Jailendra Singh Announcement

212-401-4406

Jailendra.Singh@truist.com

We caught up with Fortrea (FTRE, Buy) on its CFO transition announcement this morning.

Eduardo Ron We offer quick takeaways from our call below.

212-326-3152

Eduardo.Ron@truist.com

Discussion Around the Timing of Change; Our Thoughts: Prior to today’s market open,

Fortrea announced that Jason Knoblauch will assume the role of CFO effective July 6, Payton Engdahl succeeding Jill McConnell, who is stepping down. Fortrea credited Ms. McConnell with 212-319-5476

Payton.Engdahl@truist.com being instrumental in reducing costs, implementing a new ERP system, and positioning

the company as a stand-alone business. However, the company believes Mr. Knoblauch’s

experience is better aligned with the next phase of execution and growth. Ms. McConnell will

remain engaged to ensure a smooth transition and confirmed that her departure was not the

Stock Rating BUY result of any disagreements related to financial reporting, operations, or corporate strategy.

Unchanged FTRE declined to comment on Ms. McConnell’s next role or whether she will remain with

the company. From our perspective, the timing of the transition reflects the company’s

Price Target $19.00 ongoing transformation and signals a shift from the restructuring phase to the next

Unchanged chapter. Additionally, Mr. Knoblauch appears to be a strong strategic fit, given his

prior industry experience and his overlap with FTRE CEO Anshul Thakral during their

time at PPD (part of Thermo Fisher Scientific, TMO, NR).