Benefitfocus announced the appointment of Steven Swad as the new president and chief executive officer. Swad was previously the chief financial officer at Benefitfocus, since July 2019.
Raymond August steps down as the president and CEO to hand over the reins to Steven Swad
He has succeeded Raymond August who has stepped down from this position. For a smooth handover and as a part of the board’s succession plan, August will remain with the company till the end of the year. Swad has also succeeded August as a director on the company’s board of directors.
Before Benefitfocus, Swad served as the CFO of Vox Media, Inc. from July 2016 to July 2019. He was also the president and CEO at Rosetta Stone Inc., a publicly held language-learning software company. Having worked in the technology industry, he has deep expertise in business, operations, finance, and accounting. On his appointment, Swad stated that he feels honored and excited to take up the responsibilities as the CEO. He further reaffirmed the company’s financial guidance for the third quarter and full-year 2020.
Alpana Wegner, the new CFO of Benefitfocus
Benefitfocus has also announced the appointment of Alpana Wegner as CFO. After joining the company in 2017, she was quickly promoted to corporate controller. She is instrumental in increasing financial and operational functions, due to her expertise in accounting, sales, and compliances. Wegner previously served in various roles at Blackbaud. She was the vice president of sales operations and CFO of the enterprise customer business unit.
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Lanham Napier, a major investor of Benefitfocus said that with the company’s leadership position and industry prospects, Build Group is thrilled to engage with them in the next phase of development. He is the co-founder and CEO of BuildGroup.
Mason Holland, the chairman of the board at Benefitfocus thanked Raymond August for his leadership and dedication to the company. He further stated that with the new team in place, and the partnership with BuildGroup, he is excited about the prospects for the company.
About Benefitfocus
Benefitfocus is a leading provider of cloud-based software solutions. It is instrumental in creating a platform for employers to shop for benefit packages online.