BNFT - Benfitfocus chairman to step aside board to declassify

Benefitfocus (BNFT) Chairman Mason Holland will transition to a board advisory role after 20 years of service as co-founder and executive chairman.The company will propose to declassify its board at its June 2021 annual meeting, part of its effort to improve corporate governance. The change would require that the entire board stands for election at the annual meeting each year.Holland won't stand for re-election as a director at the June meeting.Doug Dennerline, who has served on the board since 2014, will become independent chairman of the board.Lanham Napier will no longer serve as lead independent director; he will stand for re-election to the board as an independent director.BNFT has retained a global executive search firm to identify and evaluate additional board candidates and to enhance and accelerate the company's strategy to further increase the diversity on the board.The moves come as powerful investors insist that companies diversify their boards to

For further details see:

Benfitfocus chairman to step aside, board to declassify