Benefitfocus (BNFT) CFO Story Resigns; Sees Exceeding Q2 Outlook

Benefitfocus, Inc. (NASDAQ: BNFT) announced that Dennis B. Story, its Chief Financial Officer, has resigned for family reasons. Raymond August, President and Chief Operating Officer, will serve as the Company’s principal financial and accounting officer until a new Chief Financial Officer is appointed.

Shawn Jenkins, Chief Executive Officer of Benefitfocus, said “Our culture at Benefitfocus has always placed the health and well-being of our associates and their families before work. Recently, we learned that Dennis must return to Atlanta full time to care for a loved one. We are very supportive of his decision and I admire Dennis for his commitment to his family and the way he handled this difficult circumstance.” Jenkins added, “We are very fortunate to have a strong management team, including our President and Chief Operating Officer who also has broad accounting and finance experience. Our finance organization will continue to report to Ray August as we execute on our strategic objectives. We believe our Company will continue to perform at a high level as it did during the second quarter.”

Mr. August joined Benefitfocus in 2014 and oversees operational functions, sales and customer support efforts. His strong operational background is well documented, having most recently served as the General Manager for the Financial Services division of the Computer Sciences Corp. In addition, Mr. August previously held a management position at PricewaterhouseCoopers and earned a B.S. in Business Administration with a major in Accounting from the Moore School of Business at the University of South Carolina. Mr. August is also a member of the American Institute of Certified Public Accountants.

Preliminary Second Quarter Financial Results

The Company also announced that it expects to exceed its second quarter 2016 guidance for total revenue, non-GAAP net loss and adjusted EBITDA, which it previously released on May 4, 2016. This expectation is preliminary in nature and subject to completion of the Company’s quarterly review process. The Company will release final results for the second quarter 2016 after market close on August 3, 2016.

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