— William P. Foley, II, to step down as
Chairman, will continue to serve as board member —
— Industry-veteran Russell P. Fradin appointed
Chairman of the Board —
— Robert Schriesheim, Robert Lopes, Jr. and
Mike Hayes named to Board of Directors —
Alight, Inc. (NYSE: ALIT or the “Company”), a leading
cloud-based human capital and technology-enabled services provider,
today announced that its Board of Directors (the “Board”) appointed
Russell (Russ) P. Fradin as its Chairman of the Board of Directors,
succeeding William P. Foley, II, who will continue to serve as a
board member, effective March 1, 2025.
In addition, Robert (Rob) Schriesheim, Robert (Bob) Lopes, Jr.,
and Mike Hayes have been appointed to the Company’s Board of
Directors, replacing Erika Meinhardt, Regina Paolillo and Dan
Henson who have each chosen to step down, also effective as of
March 1, 2025. Mr. Schriesheim will serve on the Audit and
Compensation committees of the Board, Mr. Lopes will serve on the
Audit and Nominating and Corporate Governance committees of the
Board and Mr. Hayes will serve on the Audit and Compensation
committees of the Board.
"I would like to share my deep appreciation for Erika, Regina
and Dan, who have been a tremendous asset to our Board of
Directors, guiding Alight through its early evolution as a public
company,” said Dave Guilmette, CEO of Alight. "I am equally
grateful to have Bill’s continued presence coupled with Russ, Rob,
Bob, and Mike joining our Board, providing unique expertise that
supports our next phase of growth and our client-centric work of
building a healthy and financially secure workforce.”
“It has been a privilege to serve as Alight’s Chairman during
such a critical chapter that included Alight entering the public
markets, executing its technology transformation and divesting its
Payroll and Professional Services business,” said William P. Foley,
II. “These numerous milestones have positioned Alight for a bright
future and I remain a champion of their cause and mission. With his
highly relevant industry expertise, Russ is an outstanding choice
to succeed me as Chairman, and I look forward to working with him,
Dave, and the rest of the Alight Board as the Company continues to
execute its strategy. There is a significant value creation
opportunity ahead for Alight, and I am confident its leaders have
the tools and positioning to deliver profitable growth and robust
cash flow. As a result, I intend to remain a meaningful
shareholder.”
“It is truly an honor to be appointed as Alight’s Chairman of
the Board, overseeing the team that every day supports 35 million
people and many of the world’s most prestigious organizations,”
said incoming Chairman of the Board Russell P. Fradin. “I have
known the power and impact of Alight in various capacities
throughout my career and believe the Company is uniquely positioned
to guide the benefits industry forward and capitalize on its recent
transformation. I want to thank Bill for his leadership and vision
and look forward to working closely with him, Dave and the rest of
the Board to deliver best-in-class services and unmatched value to
our stakeholders."
Alight worked closely with Starboard Value, LP (“Starboard”),
the Company’s largest shareholder, on the appointment of the new
directors. Peter Feld, Managing Member, Portfolio Manager and Head
of Research of Starboard said, “We appreciate the constructive
engagement we have had with Alight over the last year. We welcomed
the opportunity to work with Alight on these changes to the Board
of Directors, which position the Company well for future success.
We continue to believe there is a significant opportunity to
improve revenue growth, profitability, and free cash flow
generation at Alight, and we look forward to seeing the Company
realize the benefits of new leadership and improved Board
oversight.”
These changes satisfy Alight’s remaining obligations under its
May 2024 Cooperation Agreement with Starboard.
Russell P. Fradin Mr. Fradin joined CD&R in 2016. He
played the lead operating role in the Firm’s investments in Capco,
Sirius and TRANZACT, serving as chairman until CD&R’s exit. He
served as president and CEO at SunGard Data Systems, a $3 billion
software and IT services provider with 15,000 customers across more
than 70 countries from 2011 until the company’s acquisition by FIS
in 2015. Prior to SunGard, he served as the chairman and CEO of Aon
Hewitt, a global leader in human resource solutions. During his
tenure, Mr. Fradin oversaw the 2010 merger between Aon Consulting
and Hewitt Associates, having been CEO of Hewitt since 2006.
Previously, he was CEO of BISYS Group, Inc. and held a range of
senior executive positions at Automatic Data Processing, both
providers of business outsourcing solutions. He worked many years
as a management consultant at McKinsey & Company, where he was
a senior partner. Mr. Fradin has been an experienced Board and
Advisory Committee member of several public and private companies
over the years. Mr. Fradin has an M.B.A. from Harvard Business
School and a B.S. in economics and finance from The Wharton School
of the University of Pennsylvania.
Robert Schriesheim Rob is chairman of Truax Partners LLC
and leads large, complex transformations in partnership with
Boards, CEOs and institutional investors as an investor and
director. He has served on 12 public boards ranging from under $1
billion in revenue to Fortune 500, including as chairman, and has
served as CFO of 4 public companies varying in revenue from $1
billion to $40 billion.
From 2019 to 2021 he served in a full-time capacity as chairman
of the finance committee of telecom services provider Frontier
Communications leading its transformation and chapter 11
reorganization to restructure $17.5 billion in debt creating $5
billion in stakeholder value. Previously, he was EVP and Chief
Financial Officer of Sears Holdings, a broad-based retailer, from
2011 until 2016; SVP and Chief Financial Officer of Hewitt
Associates (Alight’s predecessor company), a global human resource
consulting and outsourcing company, until its acquisition by Aon in
2010. From 2006 to 2009, he was EVP, Chief Financial Officer and a
board director of Lawson Software a publicly traded global ERP
software provider until its acquisition by Golden Gate
Capital/Infor in 2010.
Rob is a director of publicly traded Houlihan Lokey (“HLI”), a
global investment bank, where he serves as the lead independent
director and chairman of the audit committee; Indivior PLC a
pharmaceutical company where he serves as a member of the
Nominating and Governance Committee; and of Skyworks Solutions
(“SWKS”), an S&P 500 semiconductor company, serving on the
audit and compensation committees. In addition, he is an adjunct
associate professor of finance focused in the area of Corporate
Board Governance and Activism at The University of Chicago Booth
School of Business. Previously, Rob was a director of numerous
public companies including NII Holdings, formerly Nextel
International (acquired by América Móvil S.A.B. de C.V.), Forest
City Realty Trust (acquired by Brookfield Asset Management),
Co-Chairman MSC Software (acquired by Symphony Technology Group and
Elliott Associates) and Dobson Communications (acquired by
ATT).
Rob received an AB in Chemistry from Princeton University and an
MBA from the University of Chicago Booth School of Business with
concentrations in business economics and finance.
Robert Lopes, Jr. Bob Lopes is well known in the HR
outsourcing and HR/Staffing Services Industry. His extensive
experience in reorganizing and scaling operations resulted in
profitable growth for multiple companies approaching $1 billion in
revenues. Bob’s versatility is shown over his career where he has
held multiple executive roles within the same company both focused
on strategic growth and business efficiency. In addition to Bob’s
executive management responsibilities at Randstad, he has been
active in the due diligence of acquisition targets, a member of the
Executive Diversity Council, and executive supporter of Business
Resource Groups (BRGs). Bob assumed the CHRO role for Randstad
North America after the COVID outbreak to help guide the businesses
and 90,000+ employees through significant change. Prior to
Randstad, Bob ran and also served as board member for a
privately-held healthcare technology company that was acquired by
one of his former employers. At Fidelity, Bob was CEO of Veritude,
a HR services and staffing company. At the same time, he was a
Managing Director for the holding company (Fidelity Capital). In
this role, Bob was responsible for a portfolio that included
several Fidelity Capital Companies, including BostonCoach
(limousine service), Seaport Companies (including Seaport Hotel),
Sebastians (retail café chain), and Veritude (staffing/RPO). Prior
to Fidelity, Bob was the Global Managing partner for all of Towers
Perrin’s HR & benefits outsourcing businesses where he was
responsible for operations in North America and Europe; Bob was a
leader in the sale of this business to EDS. Bob’s versatility in
both technology and HR services is a common thread throughout his
career.
Bob holds a business degree from the University of Notre Dame.
He resides in the Asheville, North Carolina area.
Mike Hayes Mike Hayes is Managing Director, Insight
Partners, a global software investment firm with over $90B
regulatory assets under management as of September 30, 2024, and
800+ portfolio companies across every stage of growth. Prior to
Insight, Mike was Chief Operating Officer at VMware, where he led
the company's worldwide business operations, their SaaS transition,
and the successful acquisition into Broadcom for $94B. Before that,
Mike served as Senior Vice President and Head of Strategic
Operations for Cognizant Technologies, where he ran a $2B P&L
for Cognizant’s global financial services clients. Mike previously
spent four years at Bridgewater Associates, an investment
management firm, where he served in Chief of Staff to CEO and COO
roles.
Prior to Bridgewater, he spent 20 years in the U.S. Navy SEALs
where his career began as one of 19 graduates from a class of 120.
Mike served throughout South America, Europe, the Middle East, and
Central Asia, including the conflicts in Bosnia, Kosovo, Iraq, and
Afghanistan. His last job in the Navy was the Commanding Officer of
SEAL Team TWO, which included ten months as the Commander of a
2,000 person Special Operations Task Force in southeastern
Afghanistan. Before that, Mike was selected as a White House Fellow
('08/'09) and served two years as Director, Defense Policy and
Strategy at the National Security Council. In the Bush
Administration, Mike was responsible for the START Treaty, where he
produced a new proposed START Treaty and flew to Russia for
negotiations. In the Obama administration, he led the White House
response to President Obama's first major foreign policy showdown -
the hijacking of the Maersk Alabama off the coast of Somalia. Prior
to the White House Fellowship, Mike served as the Deputy Commander
for all Special Operations in Anbar Province, Iraq. Mike holds an
M.A. in Public Policy from Harvard's Kennedy School and received
his B.A. from Holy Cross College, where he was an active Big
Brother. His military decorations include the Bronze Star for valor
in combat in Iraq, a Bronze Star for Afghanistan, and the Defense
Superior Service Medal from the White House. Mike is the author of
best-seller “Never Enough: A Navy SEAL Commander on Living a Life
of Excellence, Agility, and Meaning" and donates all profits to a
501c3 he started that pays off mortgages for Gold Star widows and
children.
Mike serves on the board of Immuta, a data governance company,
and is the founding board member of the National Medal of Honor
Museum. Mike is a lifetime member of the Council on Foreign
Relations, is fluent in German and Spanish, frequently speaks about
leadership and elite organizations, and enjoys mentoring others to
success. He is a life-long Sox/Pats fan, but most enjoys laughing
with his wife, Anita, and their 23-year old daughter, Maeson.
Forward-Looking Statements This press release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These statements
include, but are not limited to, statements regarding our board
transition plans and the impact on our business. In some cases,
these forward-looking statements can be identified by the use of
words such as “outlook,” “believes,” “expects,” “potential,”
“continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,”
“predicts,” “intends,” “plans,” “estimates,” “anticipates” or the
negative version of these words or other comparable words. Such
forward-looking statements are subject to various risks and
uncertainties including, among others, risks described under the
section entitled “Risk Factors” of Alight’s Annual Report on Form
10-K, filed with the Securities and Exchange Commission (the “SEC”)
on February 29, 2024, and in the Quarterly Reports on Form 10-Q
filed with the SEC on May 8, 2024 and on November 12, 2024, as such
factors may be updated from time to time in Alight's filings with
the SEC, which are, or will be, accessible on the SEC's website at
www.sec.gov. Accordingly, there are or will be important factors
that could cause actual outcomes or results to differ materially
from those indicated in these statements. These factors should not
be construed as exhaustive and should be considered along with
other factors noted in this presentation and in Alight’s filings
with the SEC. Alight undertakes no obligation to publicly update or
review any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as required
by law.
About Alight Solutions Alight is a leading cloud-based
human capital technology and services provider for many of the
world’s largest organizations and over 35 million people and
dependents. Through the administration of employee benefits, Alight
helps clients gain a benefits advantage while building a healthy
and financially secure workforce by unifying the benefits ecosystem
across health, wealth, wellbeing, absence management and
navigation. Our Alight Worklife® platform empowers employers to
gain a deeper understanding of their workforce and engage them
throughout life’s most important moments with personalized benefits
management and data-driven insights, leading to increased employee
wellbeing, engagement and productivity. Learn more about the Alight
Benefits Advantage™ at alight.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20250220026130/en/
Investor Contact: Jeremy Cohen
Investor.Relations@alight.com
Media Contacts: Mariana Fischbach
Mariana.Fischbach@alight.com
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