Benefitfocus, Inc. (NASDAQ: BNFT), an industry-leading benefits
technology platform that simplifies benefits administration for
employers, health plans and brokers, announces that Matthew Levin
has been appointed president and chief executive officer and to the
Benefitfocus board of directors, effective May 10, 2021.
Levin succeeds Stephen Swad, who served as the company’s CFO and
was appointed CEO in 2020. In order to ensure a seamless handoff of
leadership responsibilities, Swad will serve as an advisor to the
CEO until September 2021. Thereafter, Swad will continue to serve
as a Benefitfocus board director.
Levin has more than fifteen years of experience in the benefits
administration, health insurance and health care technology
industries, and a distinguished track record leading growth
strategies and building companies into industry leaders. His
expertise spans corporate development, strategic planning and
developing successful strategies for expansion into growth
adjacencies. Levin most recently served as the chief strategy
officer of ADP (NASDAQ: ADP), a leading payroll company.
“On behalf of the board and everyone at Benefitfocus, I am
delighted to welcome Matt as the company’s next CEO,” said Doug
Dennerline, an independent director on the Benefitfocus board who
will become chairman at the 2021 Annual Meeting. “Matt is a
seasoned leader who has demonstrated his ability to execute
innovative growth strategies. He will be an outstanding leader for
Benefitfocus, with the skillset and experience to continue
advancing the company’s strategy and take its performance to the
next level.” Dennerline added, “We also thank Steve for his
willingness to step in and provide leadership to the company during
a particularly dynamic and challenging period. Thanks to Steve’s
leadership, the company has strengthened its foundation and is now
ready for its next chapter. The board and management team are
committed to ensuring a smooth transition, and we are all grateful
that Benefitfocus will continue to benefit from Steve's experience
and perspective.”“I am humbled by this opportunity and excited to
join the company at a pivotal moment in its history,” said Levin.
“I look forward to working with the team to drive innovative growth
strategies and build on the company’s strong foundation to unlock
even greater value. Thanks to the initiatives Steve and the team
have been implementing over the past several quarters, I believe
Benefitfocus is poised to create customer value-enhancing
opportunities. I am particularly excited to help realize the
company’s tremendous upside potential as a partner to employers,
health plans and brokers, ensuring employees and members are
maximizing the value of their investments in health care.”
“I echo Doug’s enthusiasm in welcoming Matt as Benefitfocus’
next CEO,” said Swad. “The board and I agree he is the right leader
to build on our progress and strategy. I’m also pleased to share we
are coming off a solid quarter and are reiterating our full year
guidance. We have great confidence in the company’s future and look
forward to providing more details on our previously scheduled
earnings call later today.”
The company will also file a Form 8-K with the United States
Securities and Exchange Commission (“SEC”) with additional details
regarding the leadership succession.
About Matthew Levin
Matthew Levin joins Benefitfocus from ADP, where he served as
Chief Strategy Officer since 2018, and was responsible for
strategy, corporate development, ADP Ventures and the ADP Research
Institute. Before joining ADP, Levin was a managing partner at
Psilos Group Managers, a growth equity firm, where he specialized
in technology-enabled health care services investments. Prior to
Psilos, Levin was executive vice president and head of global
strategy for Aon plc, a leading global professional services firm
that provides a broad range of insurance and human capital
solutions. Earlier in his career, Levin served as senior vice
president of corporate development and strategy for Hewitt
Associates, a leader in health, retirement and human capital
consulting, and outsourcing services. Levin was a core member of
the team that led the $4.9 billion merger between Aon Consulting
and Hewitt Associates, creating an industry-leading benefits and
human resources solutions firm. Levin began his career in the First
Scholar Program at First Chicago NBD, now JP Morgan Chase. Levin
holds a master's degree in business administration from the
University of Chicago Booth School of Business and a bachelor's
degree from Northwestern University. He was also named
to Crain’s Chicago Business 2011 “40 Under 40” and the
World Economic Forum’s “2013 Young Global Leaders” program.
About Benefitfocus
Benefitfocus (NASDAQ: BNFT) unifies the entire benefits
industry through innovative technology solutions that bring
efficiency, cost savings and simplicity to employee benefits
administration. Our powerful cloud-based software, data-driven
insights and thoughtfully designed services help employers,
insurance brokers, health plans and suppliers address the
complexity of benefits enrollment and engagement, while bringing
easier access to health, wealth and lifestyle products
through a world-class benefits experience. Our mission is
simple: to improve lives with benefits. Learn more
at www.benefitfocus.com, LinkedIn and Twitter.
DISCLAIMER REGARDING FORWARD LOOKING
STATEMENTS Except 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: our ability to
maintain our culture and recruit, integrate and retain qualified
personnel, including on our board of directors; our ability to
compete effectively; the need to innovate and provide useful
products and services; risks related to changing healthcare and
other applicable regulations; the immature and volatile nature of
the market for our products and services; privacy; security and
other risks associated with our business; management of
growth; volatility and uncertainty in the global economy and
financial markets in light of the evolving COVID-19 pandemic; 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.
IMPORTANT ADDITIONAL INFORMATION AND WHERE TO FIND
IT
The company intends to file a proxy statement on Schedule 14A,
an accompanying WHITE proxy card and other
relevant documents with the SEC in connection with such
solicitation of proxies from the company’s stockholders for the
company’s 2021 annual meeting of stockholders. STOCKHOLDERS
OF THE COMPANY ARE STRONGLY ENCOURAGED TO READ THE COMPANY’S
DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS
THERETO) AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND
IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION. Investors and stockholders
may obtain a copy of the definitive proxy statement, an
accompanying WHITE proxy card, any amendments or
supplements to the definitive proxy statement and other documents
filed by the company with the SEC at no charge at the SEC’s website
at www.sec.gov. Copies will also be available at no charge in the
Investor Relations section of the Benefitfocus website at
https://investor.benefitfocus.com/sec-filings or by contacting the
company’s Investor Relations department at ir@benefitfocus.com, as
soon as reasonably practicable after such materials are
electronically filed with, or furnished to, the SEC.
CERTAIN INFORMATION REGARDING PARTICIPANTS TO THE
SOLICITATION
The company, its directors and certain of its executive officers
are participants in the solicitation of proxies from the company’s
stockholders in connection with matters to be considered at the
company’s 2021 annual meeting of stockholders. Information
regarding the direct and indirect interests, by security holdings
or otherwise, of the company’s directors and executive officers in
the company is included in the company’s Proxy Statement on
Schedule 14A for its 2020 annual meeting of stockholders, filed
with the SEC on April 29, 2020, the company’s Annual Report on Form
10-K for the year ended December 31, 2020, filed with the SEC on
March 10, 2021, the company’s Amendment No. 1 to the company’s
Annual Report on Form 10-K/A for the fiscal year ended December 31,
2021, filed with the SEC on April 30, 2021 and in the company’s
Current Reports on Form 8-K filed with the SEC from time to time.
Changes to the direct or indirect interests of the company’s
directors and executive officers are set forth in SEC filings on
Initial Statements of Beneficial Ownership on Form 3 or Statements
of Change in Ownership on Form 4. These documents are available
free of charge as described above. Updated information regarding
the identities of potential participants and their direct or
indirect interests, by security holdings or otherwise, in the
company will be set forth in the company’s Proxy Statement for its
2021 annual meeting of stockholders and other relevant documents to
be filed with the SEC, if and when they become available.
Benefitfocus, Inc.843-981-8898pr@benefitfocus.comInvestor
Relations:Patti Leahy843-981-8899ir@benefitfocus.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/5255da83-0b5b-4993-9046-801d2a76b816
Benefitfocus (NASDAQ:BNFT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Benefitfocus (NASDAQ:BNFT)
Historical Stock Chart
From Jul 2023 to Jul 2024