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BOSTON (Reuters) - Hedge fund Indaba Capital said on Tuesday it had nominated two directors to Benefitfocus Inc’s board, and the software company responded a few hours later, saying it had named a veteran human resources executive as a new independent director.
The two sides have been trading barbs for weeks over the company’s future, high turnover in its executive suite and who should be sitting on its board.
San Francisco-based Indaba five weeks ago called on Charleston, South Carolina-based Benefitfocus to sell itself following years of poor returns. On Tuesday, it increased the pressure by nominating two men with technology and software expertise to the company’s board. Shareholders will vote on whether to add them to the board.
Indaba Capital Nominates Two Highly-Qualified Candidates for Election to the Board of Directors of Benefitfocus yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.
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CHARLESTON, S.C., Feb. 15, 2021 /PRNewswire/ Following a review of performance metrics and customer feedback, Benefitfocus, Inc. (NASDAQ: BNFT), an industry-leading benefits technology platform that simplifies benefits administration for employers, health plans and brokers,
shares several key findings from its most recent open enrollment (OE) period. The findings demonstrate the value of a comprehensive benefits platform solution that provides employers and health plans with greater administrative efficiencies and enables lower health care costs.
Highlights of the findings include:
Increased purchases of hospital indemnity and voluntary life insurance offerings by consumers, believed to be driven by the health impact of COVID-19