Raymond August has stepped down as president and CEO of Daniel Island tech firm Benefitfocus.
He will be replaced by Stephen Swad, the company’s CFO since 2019, but August will stay with the company through the end of 2020 to ensure a seamless transition, a news release said.
“Benefitfocus plays an important leadership role in the industry, and we’re doing the work to build a truly great company,” Swad said in a statement. “We are immediately focused on strengthening our products, platform, talent and tools, with the help of BuildGroup, to better serve our customers.”
BuildGroup closed on an $80 million stock investment in Benefitfocus in June.
Alpana Wegner, who joined Benefitfocus in 2017 and has served as vice president and corporate controller since December 2017, will succeed Swad as CFO.
“With the team in place, and bolstered by the strategic partnership with BuildGroup, I’m excited about our future together at Benefitfocus,” board chairman Mason Holland said.