SPS Commerce, Inc., the leading intelligent supply chain network, has appointed Michael McConnell and Fumbi Chima as new independent directors effective immediately, while entering into a cooperation agreement with Anson Funds Management LP and increasing its share repurchase authorization to $300 million to support board refreshment, governance enhancements, and long-term shareholder value creation.
SPS Commerce, Inc. (NASDAQ: SPSC), the leading intelligent supply chain network, announced the appointment of Michael McConnell and Fumbi Chima as independent directors to its Board, effective immediately. The appointments are part of the company’s ongoing board refreshment efforts and follow constructive engagement with major shareholders, including Anson Funds Management LP.
Michael McConnell, who previously served on the SPS Board from 2018 to 2019, rejoins with extensive public company board experience. He currently serves on the boards of Beonic Ltd., OneSpan, Inc., PowerFleet, and QuickFee Ltd. His prior roles include boards at Guidance Software, Redflex Holdings, Spark Networks, and Vonage Holdings, along with investment banking experience at Merrill Lynch and Kidder Peabody, and as Managing Director of Shamrock Capital Advisors. McConnell will join the Finance & Strategy Committee, which focuses on operational, strategic, and financial matters to enhance shareholder value.
Fumbi Chima brings deep executive leadership from senior CIO roles at prominent organizations including adidas AG, Burberry Group plc, Walmart (Asia Region), American Express, Disney Networks Group, and Boeing Employees Credit Union. She currently chairs the Nominating and Governance Committee at Willis Towers Watson plc and has prior board experience with Whitbread plc, The Azek Co., Grove Collaborative, Ted Baker Holdings, and Africa Prudential plc. Chima will join the Audit Committee.
Sven Wehrwein, a director since 2008, will not stand for re-election at the 2026 annual meeting in accordance with the company’s long-standing age limitation in its Corporate Governance Guidelines. Following the annual meeting, the Board will consist of nine directors, eight of whom are independent, with four appointed in the past year.
In connection with these governance changes, SPS Commerce entered into a cooperation agreement with Anson Funds Management LP that includes customary standstill, voting, and confidentiality provisions. The agreement will be filed as an exhibit to the company’s upcoming Form 8-K.
Simultaneously, the Board approved an increase in the share repurchase authorization to $300 million, underscoring confidence in SPS’s differentiated value proposition, market leadership, and long-term growth potential.
Phil Soran, Chair of the Board, said, “We are pleased to have worked constructively with a number of our large shareholders, including Anson, to advance our commitment to Board refreshment. We are excited to welcome back Mike to the SPS Board and that Fumbi is joining as a new independent director. Mike and Fumbi will bring fresh and valuable perspectives as we execute SPS’ strategic plan and create shareholder value. On behalf of the Board, I also want to thank Sven for his 18 years of outstanding service and commitment to SPS.”
Sagar Gupta, Portfolio Manager at Anson Funds, said, “SPS is well positioned with a differentiated, value-based offering connecting trading partners to modernize their supply chains. We appreciate the constructive dialogue with the SPS Board, and see significant opportunities for SPS to capitalize on its market leadership to drive profitable growth. Mike and Fumbi will add important expertise to advance SPS’ value creation efforts.”
Chad Collins, Chief Executive Officer of SPS, added, “The Board of Directors and management team remain committed to driving long‑term value for our shareholders. Today, in addition to the governance changes, and as part of the ongoing work of the Finance & Strategy Committee, we also announced an increase in our share repurchase authorization to $300 million. This underscores our confidence in the business and the value of SPS, and I look forward to working with Mike, Fumbi and our fellow directors as we seek to enhance shareholder value.”
About SPS Commerce
SPS Commerce is the world’s leading retail network, connecting trading partners around the globe to optimize supply chain operations for all retail partners. We support data-driven partnerships with innovative cloud technology, customer-obsessed service, and accessible experts so our customers can focus on what they do best. Over 50,000 recurring revenue customers in retail, grocery, distribution, supply, manufacturing, and logistics are using SPS as their retail network. SPS has achieved 100 consecutive quarters of revenue growth and is headquartered in Minneapolis.
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