In a second quarter earnings report on August 6, Alight Solutions CEO and Board Member Stephan Scholl announced he would be stepping down, effective once a new successor is named.
Scholl will resume his role as CEO and director for the remainder of the search process, while the board of directors will appoint independent director Dave Guilmette as vice chair of the board. Scholl will work closely with Guilmette in order to “ensure a smooth transition,” according to a statement announcing the transition.
In the statement, Chair of the Board William Foley added that the board had been actively planning a CEO succession “for months.” The departure is stated to coincide with the company’s recent sale of its payroll and professional services division.
However, in a Form 8-K filing with the Securities and Exchange Commission (SEC), Alight notes that Scholl’s departure is amicable. “Mr. Scholl’s departure is not related to a disagreement with the Company on any matter relating to its operations, policies or practices,” the statement read.
Foley thanked Scholl for his efforts during the COVID-19 pandemic, when he oversaw the cloud-based provider’s process in going public in July 2021 and managed the development behind the Alight Worklife platform aimed at employee wellbeing and benefits. Scholl previously joined Alight as CEO in April 2020.
“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,” stated Foley. “Stephan’s continued efforts and support through this transitionary period will help our next CEO hit the ground running with a substantially improved financial and operating model.”
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.