BILL Expands Board with Four New Directors: Strategic Move to Boost Growth and Profitability

Board Expansion Highlights Focus on Value Creation and Growth

BILL (NYSE:BILL), a leading intelligent finance platform serving nearly half a million businesses, announced a major Board expansion, introducing four new independent directors in partnership with Starboard Value LP. The new additions signal BILL’s intent to sharpen its focus on growth, operational agility, and profitability while positioning itself as the go-to financial operations platform for small and midsize businesses (SMBs).

Industry Veterans Join the Board to Guide Transformation

The four directors—Natalie Derse (CFO of Gen Digital), Peter Feld (Starboard Value, Portfolio Manager), Beth Johnson (former Vice Chair and CXO of Citizens Financial Group), and Lee Kirkpatrick (former CFO of Twilio)—bring decades of expertise in financial leadership, digital transformation, compliance, and AI. The appointments are staggered: Feld and Kirkpatrick will join on October 17, 2025, while Derse and Johnson take their seats immediately following the 2025 Annual Meeting of Stockholders.

Simultaneously, three longstanding board members—Steve Cakebread, Brian Jacobs, and Steve Fisher—will retire in conjunction with the appointments, increasing the Board’s size from 12 to 13 members. The refreshed leadership aims to support BILL’s transition toward more efficient, high-impact decision-making and sustained revenue growth.

Key Board Changes and Timeline

Strategic Collaboration with Starboard Value: Emphasis on Margins and Long-Term Targets

The appointments come as part of a cooperation agreement between BILL and activist investor Starboard Value. Starboard has withdrawn its own director nominations for 2025, with both parties agreeing on future governance commitments. This collaboration marks a decisive moment for BILL, reflecting a mutual belief in unlocking value through better margin discipline, operational excellence, and leveraging technological advancements—especially in AI and automation.

Management Commentary Emphasizes Transformation and AI-Driven Efficiency

BILL’s CEO, Ren Lacerte, underscored the new Board members’ capabilities in AI, digital transformation, and finance, which align with BILL’s mission to reinvent intelligent finance for SMBs. The CEO pointed to upcoming opportunities to showcase progress, including the next quarterly earnings call and a dedicated investor day in the first half of 2026—when BILL will outline its “Rule of 40” targets (an industry benchmark that blends revenue growth with profit margins).

Starboard’s Peter Feld echoed these sentiments, citing BILL’s robust platform, customer base, and the potential for substantial shareholder value via disciplined growth and strategic execution.

Forward-Looking Outlook: Investor Day in 2026 to Unveil Path to ‘Rule of 40’

Looking ahead, BILL will host an Investor Day in the first half of 2026, where management intends to detail long-term financial ambitions and clarify its pathway to hitting “Rule of 40” targets—a signal of a maturing tech company committed to balanced growth and profitability.

Takeaway: Board Refreshment Poised to Drive Long-Term Shareholder Value

BILL’s expanded board, bolstered by Starboard’s involvement and new independent directors, signals a renewed commitment to value creation, AI-driven efficiency, and sustainable growth. For investors and SMBs relying on BILL’s intelligent platform, the Board changes and future strategy disclosures are milestones to watch closely over the coming year.

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