HealthEquity (HQY) Announces CEO Retirement

HealthEquity, Inc. (NASDAQ: HQY) (“HealthEquity” or the “Company”), the nation’s largest health savings account (“HSA") custodian, today announced that after leading the company for more than 15 years, Jon Kessler, President and Chief Executive Officer, has decided to retire effective January 6, 2025. Mr. Kessler will remain a director and act a special advisor to the Company through April 30, 2025. To succeed Mr. Kessler, the Company announced the appointment of Scott Cutler, who will join HealthEquity as President and CEO and as a director effective January 6, 2025.

HealthEquity management will host a conference call for investors on Tuesday, November 12, 2024, at 4:30 p.m. Eastern Time during which management will discuss the transition and succession plan.

“HealthEquity’s strengths and the Board’s thorough planning enabled me to make this decision now,” said Kessler. “Team purple is the acknowledged HSA market leader with a deep bench of talent, full pipeline of innovation, and the financial resources to realize its vision of HSAs being as widespread as retirement accounts by 2030. I expect to marvel at the team’s future accomplishments just as I have over the last fifteen years, while investing more time in my family, including my new granddaughter.”

“I could not have asked for a better partner to lead our company,” said Steve Neeleman, Vice Chair and Founder of HealthEquity. “We wish Jon and his family health and happiness in their adventures together.”

Commenting on the succession, Robert Selander, Chairman of the board of directors said, “After an extensive and rigorous nationwide search process, we are thrilled to introduce Scott Cutler as our next CEO. Scott brings to HealthEquity a strong background in digitally driven growth and a long record of success leading high-performance teams. We believe he is exceptionally qualified to build on the Company’s established strategy and proven strengths.”

Scott Cutler, age 55, has served as Chief Executive Officer of StockX LLC since June 2019. Prior to that, Mr. Cutler was the Senior Vice President, Americas at eBay Inc. from August 2017 to March 2019, President of StubHub, Inc. from April 2015 to August 2017, and an Executive Vice President of NYSE Euronext, Inc. from April 2006 to March 2015. Prior to joining NYSE Euronext, Mr. Cutler was a technology investment banker and corporate securities lawyer. Mr. Cutler serves on the board of directors of Brookfield Renewable Partners L.P. (NYSE: BEP) and non-profit Vibrant Emotional Health, the force behind the 988 Suicide and Crisis Lifeline. Mr. Cutler holds a B.S. in economics from Brigham Young University, and a J.D. from the University of California, Hastings College of the Law.

A replay of the conference call will be made available on the Company’s website at ir.healthequity.com.

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