Raymond James maintained its “Strong Buy” rating on Arris shares following the company’s announcement Tuesday that Bruce McClelland will succeed Bob Stanzione as CEO effective Sept. 1.
Stanzione will still have day-to-day engagement with Arris, as he will remain chairman of the board and take on the additional role of executive chairman and help with the transition.
Raymond James analyst Simon Leopold said in a research note issued Wednesday that the “news is not a shock,” adding that Arris has been executing solidly following its acquisitions of Motorola Home and Pace Plc, making this “as good a time as any to pass the baton.”
“If asked who we would have envisioned as Bob’s successor, Bruce McClelland would have been our first guess,” he added.
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