BILL adds four new directors following cooperation agreement with Starboard

BILL (NYSE: BILL) announced the addition of four new independent directors to its board following a cooperation agreement with activist investor Starboard Value LP.

The new directors include Natalie Derse, chief financial officer of Gen Digital; Peter Feld, managing member and head of research at Starboard; Beth Johnson, former vice chair and chief experience officer of Citizens Financial Group; and Lee Kirkpatrick, former chief financial officer of Twilio.

Feld and Kirkpatrick will join the board on October 17, 2025, while Derse and Johnson will join immediately following the 2025 annual meeting of stockholders. Three current directors will retire: Steve Cakebread and Brian Jacobs will step down at the 2025 annual meeting, and Steve Fisher retired on October 14, 2025.

The changes will expand BILL's board from 12 to 13 members. Under the cooperation agreement, Starboard agreed to withdraw its director nominations for the 2025 annual meeting and entered into standstill and voting commitments.

BILL CEO René Lacerte said the new directors would support the company's value creation efforts and bring experience in artificial intelligence, digital transformation, fintech and operational excellence. The company plans to hold an investor day in the first half of 2026 to discuss long-term financial targets and its path to "Rule of 40," a metric measuring combined revenue growth and profit margin.

Feld stated that Starboard invested in BILL due to potential for value creation through margin expansion and continued growth. The financial operations platform serves small and midsize businesses and processes approximately 1% of U.S. GDP annually through its member network of more than 8 million.

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