Stephan Scholl will step down as Alight's CEO and a member of the board once the board names a successor, the firm announced in its second-quarter earnings report Aug. 6.
Scholl will continue as CEO and board director during the search process and will work with Dave Guilmette, vice chair of the board, to ensure a smooth transition, Alight said.
The CEO transition follows the sale of the company’s payroll and professional services businesses, it said.
“With the divestiture behind us, we are well positioned to deliver differentiated benefit services to our clients and profitable growth with significant margin and cash flow expansion for our shareholders,” said William P. Foley II, board chair, in the earnings report.
Foley thanked Scholl for his commitment and vision and the meaningful impact he made in “bringing the company public amid the challenging COVID environment.”
“The board has for months been actively planning for CEO succession and with the divestiture now closed, we look forward to bringing in a new leader to guide Alight in this exciting next chapter,” he said.
The company named Guilmette and Coretha Rushing independent directors to its board in May as part of a cooperation agreement with activist hedge fund investor Starboard Value, which owns about 7.2% of the company’s outstanding common stock.
