LINCOLNSHIRE, Ill. - Alight, Inc. (NYSE: ALIT), a provider of cloud-based human capital and technology services, has acknowledged the nomination of directors for its Board by activist investor Starboard Value. The company announced its intent to evaluate these nominations alongside other candidates and will advise its stockholders at an appropriate time.
The company, which has added three new independent directors since going public in 2021, emphasized its ongoing commitment to driving stockholder value. Alight's strategy focuses on transitioning to a higher-growth, higher-margin model, anticipating medium to long-term value creation. This strategy is backed by a strong start to 2024, with record revenue under contract and potential for significant margin expansion.
Alight also mentioned that it is conducting a strategic portfolio review to enhance its platform and wellbeing strategy and to pinpoint opportunities to expedite the achievement of its mid-term financial and strategic goals.
These developments come as Alight continues to serve 36 million people and dependents through its Alight Worklife® platform, which aims to transform employee experiences worldwide with health, wealth, pay, and wellbeing insights.
The company's press release includes forward-looking statements about its business outlook and financial expectations, which are subject to various risks and uncertainties. These include economic downturns affecting its clients' industries, competitive pressures, IT system performance, data security, and regulatory changes.
Alight has stated that it values the input and perspectives of all investors and is open to discussions about its strategy and shareholder value creation. The details of the Annual Meeting, where the board nominations will be addressed, will be announced in due course. Stockholders have been advised that no action is required from them at this time.
The information in this article is based on a press release statement from Alight, Inc.
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