Benefitfocus Appoints Current Board Member and Veteran Technology Finance Executive, Stephen Swad, as CFO
10 Juli 2019 - 10:30PM
Benefitfocus, Inc. (NASDAQ: BNFT), a leading cloud-based benefits
management platform and services provider, today announced the
appointment of Stephen M. Swad as Chief Financial Officer (CFO).
Swad, who will be joining the Company on July 22nd, brings with him
an extensive background with more than 35 years of executive and
finance leadership. He is a current member of the Benefitfocus
Board of Directors and since 2013 has served on the Audit,
Compensation, and Nominating and Governance Committees, as well as
Chair of the Compensation Committee.
While already deeply familiar with Benefitfocus, in his new
role, Swad will be responsible for managing all aspects of
Benefitfocus’ finances and corporate development. He joins the
company from Vox Media, a leading, modern media company, where he
has served as CFO since January 2016. During his time at Vox Media,
he helped the company raise debt and equity capital, acquire
companies, improve its capital allocation processes, launch a
number of new successful businesses, including a SaaS-based
technology business and enhance the accounting, finance, and
treasury functions through investments in people, processes, and
systems.
“As Benefitfocus continues to advance our platform and industry
leadership, it was imperative that we selected an established
finance chief with a deep understanding of our transformative
platform strategy,” said Ray August, President and CEO of
Benefitfocus. “Steve is right for this role in so many ways, from
his well-established understanding of our business, serving as a
board member since our IPO six years ago, to the depth of his
public company financial expertise, serving other leading
technology brands and public sector entities, like the SEC.”
Prior to Vox Media, from February 2012 until April 2015, Swad
was President, Chief Executive Officer (CEO) and a director of
Rosetta Stone, a cloud-based software company focused on language
learning and reading. He formerly served as Rosetta Stone’s CFO
beginning in November 2010. Prior to joining Rosetta Stone, Swad
was the Executive Vice President and CFO of Comverse Technology,
Inc.
Swad has held various senior financial management positions at
AOL, Inc. (now part of Oath Inc.), Turner Broadcasting and Time
Warner. He was a partner at KPMG LLP and also served as the Deputy
Chief Accountant of the Securities and Exchange Commission. Swad
previously served on the Board of Eloqua, a SaaS-based marketing
and analytics platform, before it was purchased by Oracle. He
received his B.A. in business administration from the University of
Michigan and is a Certified Public Accountant.
“Under Ray’s leadership, I have seen an incredible advancement
of the company as it continues to accelerate the next generation of
its market-leading benefits platform,” adds Swad. “This was the
right time to make this move. I am truly excited to transition my
affiliation with Benefitfocus from being a long-standing director
to a full-time operating finance chief and continuing to deliver on
the value we provide to investors and our entire, connected
ecosystem.”
Swad’s role as Chair of the Board’s Compensation Committee will
be taken over by Ana White. White is a current Board member
who has decades of HR experience at Microsoft and now F5. In
addition, current Board member, Doug Dennerline, an experienced
technology company CEO, will rejoin the Board’s Audit Committee
upon Swad stepping down from the Board.
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 and carriers to simplify the complexity of benefits
administration and deliver a world-class benefits experience. Learn
more at www.benefitfocus.com, LinkedIn and Twitter.
Except for historical information, all of the statements,
expectations, and assumptions contained in this press release are
forward-looking statements. Actual results or performance 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 and retain qualified personnel;
the need to innovate and provide useful products and services;
management of growth; our ability to compete effectively; the
immature and volatile nature of the market for our products and
services; risks related to changing healthcare and other applicable
regulations; 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.843-284-1052 ext. 3527pr@benefitfocus.com
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