In a strategic move to enhance its governance and focus on value creation, BILL, the intelligent finance platform for small and midsize businesses, has announced a significant refresh of its Board of Directors. The company is appointing four new independent directors, a decision that follows constructive engagement with the investment firm Starboard Value LP, signaling a strengthened commitment to driving growth and improved profitability.
BILL appoints four new independent directors to its board.
The move follows constructive engagement with investor Starboard Value LP.
New directors bring expertise in AI, FinTech, and digital transformation.
The board will expand from 12 to 13 members.
The refresh is part of a focus on margin expansion and sustainable growth.
Starboard has agreed to withdraw its director nominations for the 2025 meeting.
The appointment of the four new directors is part of a cooperation agreement with Starboard and the board's ongoing refreshment process. The new independent directors are Natalie Derse, CFO of Gen Digital; Peter Feld, Managing Member of Starboard; Beth Johnson, former Vice Chair of Citizens Financial Group; and Lee Kirkpatrick, former CFO of Twilio. In conjunction with these additions, three current directors will be retiring from the board. These changes are designed to bring fresh perspectives and highly relevant skills to advance BILL's strategy.
The board refresh aligns with BILL's stated objectives to become a more efficient and agile organization. The company aims to move faster on high-impact opportunities to drive durable revenue growth and deliver superior, sustainable value creation. The new directors bring outstanding experience in areas critical to this mission, including AI, digital transformation, FinTech, compliance, and operational excellence initiatives, which will support BILL's position as a leading intelligent financial operations platform for SMBs.
The collaboration with Starboard and the appointment of its Managing Member, Peter Feld, to the board highlight a shared belief in BILL's potential. The company is viewed as well-positioned with leading products and a strong market presence. The focus going forward is on capitalizing on these strengths to create long-term value through a sharper focus on margin expansion alongside continued growth, with the goal of achieving a best-in-class financial profile.
This board refresh marks a pivotal moment for BILL as it navigates its next phase of growth. By integrating new expertise and aligning with a significant investor, the company is reinforcing its commitment to operational excellence and strategic execution. This sets the stage for BILL to further solidify its leadership in the SMB financial technology space and deliver on its promise of sustainable value for its shareholders and the businesses it serves.
BILL (NYSE: BILL) is the intelligent finance platform trusted by nearly half a million businesses and their accountants to manage, move, and maximize their money. BILL powers businesses ranging from fast-moving startups to growing companies with complex operations. We use AI to deliver strategic finance capabilities in one integrated platform that includes AP, AR, expenses, forecasting, procurement and more. With a member network of more than 8 million, BILL’s platform processes ~1% of US GDP annually. Headquartered in San Jose, California, BILL is a trusted partner of leading U.S. financial institutions, accounting firms, and software providers.
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