Benefitfocus Appoints Proven Industry Leader Matthew Levin as New CEO to Further Advance Growth Strategy

Reiterates Full Year Guidance

Benefitfocus, Inc. an industry-leading benefits technology platform that simplifies benefits administration for employers, health plans and brokers, announces that Matthew Levin has been appointed president and chief executive officer and to the Benefitfocus board of directors, effective May 10, 2021.

Levin succeeds Stephen Swad, who served as the company’s CFO and was appointed CEO in 2020. In order to ensure a seamless handoff of leadership responsibilities, Swad will serve as an advisor to the CEO until September 2021. Thereafter, Swad will continue to serve as a Benefitfocus board director.

Levin has more than fifteen years of experience in the benefits administration, health insurance and health care technology industries, and a distinguished track record leading growth strategies and building companies into industry leaders. His expertise spans corporate development, strategic planning and developing successful strategies for expansion into growth adjacencies. Levin most recently served as the chief strategy officer of ADP (NASDAQ: ADP), a leading payroll company.

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“On behalf of the board and everyone at Benefitfocus, I am delighted to welcome Matt as the company’s next CEO,” said Doug Dennerline, an independent director on the Benefitfocus board who will become chairman at the 2021 Annual Meeting. “Matt is a seasoned leader who has demonstrated his ability to execute innovative growth strategies. He will be an outstanding leader for Benefitfocus, with the skillset and experience to continue advancing the company’s strategy and take its performance to the next level.”

Dennerline added, “We also thank Steve for his willingness to step in and provide leadership to the company during a particularly dynamic and challenging period. Thanks to Steve’s leadership, the company has strengthened its foundation and is now ready for its next chapter. The board and management team are committed to ensuring a smooth transition, and we are all grateful that Benefitfocus will continue to benefit from Steve’s experience and perspective.”

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“I am humbled by this opportunity and excited to join the company at a pivotal moment in its history,” said Levin. “I look forward to working with the team to drive innovative growth strategies and build on the company’s strong foundation to unlock even greater value. Thanks to the initiatives Steve and the team have been implementing over the past several quarters, I believe Benefitfocus is poised to create customer value-enhancing opportunities. I am particularly excited to help realize the company’s tremendous upside potential as a partner to employers, health plans, and brokers, ensuring employees and members are maximizing the value of their investments in health care.”

“I echo Doug’s enthusiasm in welcoming Matt as Benefitfocus’ next CEO,” said Swad. “The board and I agree he is the right leader to build on our progress and strategy. I’m also pleased to share we are coming off a solid quarter and are reiterating our full-year guidance. We have great confidence in the company’s future and look forward to providing more details on our previously scheduled earnings call later today.”

The company will also file a Form 8-K with the United States Securities and Exchange Commission (“SEC”) with additional details regarding the leadership succession.

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