Benefitfocus, Inc. (NASDAQ: BNFT) announces that Stephen Swad, the
company’s chief financial officer, is named president and chief
executive officer, effective today. Swad succeeds Raymond August,
who is stepping down as president and chief executive officer. To
ensure a seamless handoff of leadership responsibilities, and as
part of the board’s succession plan, August will remain with the
company through the end of the year. Swad also succeeds August as a
director on the Benefitfocus board of directors.
Swad is intimately familiar with Benefitfocus, having served as
CFO since July 2019 and previously as a member of the board.
Throughout his career in the technology industry, he has built deep
expertise in business, operations, finance and accounting. Prior to
Benefitfocus, Swad served as CFO of Vox Media, Inc. from 2016 until
July 2019. Swad was also president and CEO of Rosetta Stone Inc., a
publicly held language-learning software company, after serving as
its CFO beginning in 2010.
Benefitfocus also announces the appointment of Alpana Wegner as
CFO. Since joining Benefitfocus in 2017, she was quickly promoted
to corporate controller and has taken on increasing financial and
operational responsibility, drawing on her extensive business,
accounting, sales and compliance experience. She previously served
in various roles at Blackbaud, including vice president of sales
operations and CFO of the enterprise customer business unit.
“I could not be more honored and excited to assume the
responsibilities of CEO as our company begins its next chapter,”
said Swad. “Benefitfocus plays an important leadership role in the
industry, and we’re doing the work to build a truly great company.
We are immediately focused on strengthening our products, platform,
talent and tools, with the help of BuildGroup, to better serve our
customers. We have confidence in our future and reaffirm our
previously announced financial guidance for the third quarter and
full-year 2020.”
“Given Benefitfocus’ leadership position and prospects in the
industry, BuildGroup is thrilled to engage with the company in its
next phase of development,” said Lanham Napier, co-founder and CEO
of BuildGroup, which is a major investor in Benefitfocus. “With
Steve’s collaborative leadership style, we are confident
Benefitfocus is poised for continued growth and innovation.”
“I know that I speak for everyone at Benefitfocus in thanking
Ray for his leadership and dedication to the company,” said Mason
Holland, chairman of the board. “With the team in place, and
bolstered by the strategic partnership with BuildGroup, I’m excited
about our future together at Benefitfocus.”
About Stephen SwadStephen M. Swad served as
Chief Financial Officer of Benefitfocus since July 2019, and was a
member of the Benefitfocus Board of Directors from 2013 to 2019.
Previously, Swad served as Chief Financial Officer of Vox Media,
Inc. from January 2016 until July 2019. From February 2012 until
April 2015, Swad served as President and Chief Executive Officer,
and a director of Rosetta Stone Inc. (NYSE: RST), a publicly held
language-learning software company, previously serving as its Chief
Financial Officer beginning in November 2010. Prior to joining
Rosetta Stone, Swad served as the Executive Vice President and
Chief Financial Officer of Comverse Technology, Inc., beginning in
May 2009. He also served as Executive Vice President and Chief
Financial Officer of Federal National Mortgage Association (Fannie
Mae) from May 2007 until August 2008 and has held various senior
financial management positions with public companies, including AOL
Inc. (now a part of Oath Inc.) and Time Warner Inc. and its
subsidiaries. Additionally, Swad served on the board of Eloqua,
Inc. from August 2011 until February 2013, including between August
2012 and February 2013, during which time it was a publicly held
company. Swad, a former partner of KPMG LLP, also served as a
Deputy Chief Accountant at the Securities and Exchange Commission.
Swad holds a B.A. in business administration from the University of
Michigan.
About Alpana WegnerAlpana Wegner served as Vice
President, Corporate Controller of Benefitfocus since December
2017, having first joined the company in April 2017 in the carrier
business unit as general manager. Previously, Wegner worked for
Blackbaud beginning in October 2008. She served first as director
of SEC reporting, then interim Corporate Controller, followed by VP
roles as the CFO of the enterprise customer business unit, and in
sales operations. From May 2001 to August 2004, Wegner served as
the director of external reporting and compliance at Allied Waste
Industries, Inc. She also served in the assurance and business
advisory segment of Arthur Andersen LLP. Wegner, who holds the CPA
designation, received a B.S. in Accountancy from Arizona State
University.
About BenefitfocusBenefitfocus (NASDAQ:
BNFT) unifies the entire U.S. benefits industry on a
single technology platform to protect consumers' health, wealth,
property and lifestyle. Our powerful cloud-based software,
data-driven insights and thoughtfully-designed services, enable
employers, insurance brokers, carriers and suppliers to simplify
the complexity of benefits administration and deliver a world-class
benefits experience. Learn more
at www.benefitfocus.com, LinkedIn and Twitter.
About BuildGroupBuildGroup is the first
operator-led, permanent capital investment company for modern
business models. Headquartered in Austin, Texas, the firm
invests in companies that include SaaS-based subscription revenues,
significant data assets that leverage AI to create high volume and
targeted offers, and multifaceted platforms that serve large,
connected networks of buyers, sellers, users and partners.
BuildGroup targets fast-growing private companies and small-cap
public companies through PIPEs. For more information on BuildGroup,
its investment strategy and portfolio companies,
visit www.buildgroup.com.
Safe Harbor StatementExcept for historical
information, all of the statements, expectations, and assumptions
contained in this press release are forward-looking statements.
Actual results might differ materially from those explicit or
implicit in the forward-looking statements. Important factors that
could cause actual results to differ materially include: reliance
on key personnel and risks of management transitions; volatility
and uncertainty in the global economy and financial markets in
light of the evolving COVID-19 pandemic; our continuing losses and
need to achieve GAAP profitability; fluctuations in our financial
results; our ability to maintain our culture, retain and motivate
qualified personnel; the immature and volatile market for our
products and services; risks related to changing healthcare and
other applicable regulations; risks associated with acquisitions;
cyber-security risks; the need to innovate and provide useful
products and services; our ability to compete effectively; privacy,
security and other risks associated with our business; and the
other risk factors set forth from time to time in
our SEC filings, copies of which are available free of
charge within the Investor Relations section of
the Benefitfocus website
at http://investor.benefitfocus.com/sec-filings or upon
request from our Investor Relations
Department. Benefitfocus assumes no obligation and does
not intend to update these forward-looking statements, except as
required by law.
Benefitfocus, Inc. 843-981-8898 pr@benefitfocus.comInvestor
Relations: Patti Leahy 843-981-8899 ir@benefitfocus.com
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/a9e4af07-cb02-4bfa-a3e1-5860eb750044
https://www.globenewswire.com/NewsRoom/AttachmentNg/58bf137f-83ce-40c7-b292-61ddf6496aa7
Benefitfocus (NASDAQ:BNFT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Benefitfocus (NASDAQ:BNFT)
Historical Stock Chart
From Jul 2023 to Jul 2024