Benefitfocus, Inc. provided an update on the corporate initiatives undertaken over the past year to maximize operational efficiencies and unlock long-term shareholder value. These initiatives include strengthening the company’s balance sheet, enhancing its leadership team, driving increased profitability, investing in customer-led product development, and improving the customer experience through a performance-driven culture. The company is also making significant board leadership changes and governance enhancements as part of its ongoing efforts to broaden and diversify its board of directors. Effective immediately, independent director Zeynep Young will succeed Barry Libert as BuildGroup’s director designee serving on the Benefitfocus board. In addition, the board is making a number of other changes to its composition, all of which will be effective at the June 2021 Annual Meeting of Stockholders: Doug Dennerline, who has served on the Benefitfocus board of directors since 2014, will become independent chairman of the board. Mason Holland will transition to chairman emeritus, a board advisory role, after 20 years of service as a company co-founder and executive chairman. He will not stand for re-election as a director. Given the appointment of an independent chair, Lanham Napier will no longer serve as lead independent director. He will stand for re-election to the board as an independent director. The company has retained Egon Zehnder, a global executive search firm, to identify and evaluate additional board candidates to enhance and accelerate the company’s strategy and further increase diversity on the board. Both Dennerline and Young will bring valuable insights and extensive industry experience to their new roles on the Benefitfocus board. Dennerline is CEO of BetterWorks Systems, and over the last several years, he has served on the audit, compensation and nominating and governance committees of the Benefitfocus board. Young, who has founded and scaled multiple technology and data companies, is expected to bring fresh perspectives and relevant expertise as a business executive and entrepreneur.