AvidXchange Holdings, Inc. (NASDAQ: AVDX), a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, has announced significant changes to its board of directors. The company has appointed two new board members, Oni Chukwu and Arthur J. (“A.J.”) Rubado, while two current board members, Matthew Harris and Wendy Murdock, have resigned.
Oni Chukwu brings a wealth of experience, serving on the board of directors of several companies and as the CEO of Aventri, a cloud-based enterprise event management software. Chukwu expressed excitement about joining AvidXchange and looks forward to contributing to the company's future success.
Arthur J. Rubado has an extensive background in managing, leading, advising, and investing in companies for three decades. He brings a diverse skill set, having held various leadership roles in private equity and working with portfolio company senior management and directors in healthcare, high tech, and services.
AvidXchange Chairman and CEO, Michael S. Praeger, expressed his enthusiasm about the new appointments, highlighting the diverse backgrounds and skill sets that Chukwu and Rubado bring to the board. He emphasized the importance of their perspectives as the company aims to scale its business to become a $1 billion company, a growth milestone set during the company's 2023 investor day.
Concurrent with the new appointments, Matthew Harris and Wendy Murdock have resigned from the board. Their resignations were motivated, in part, by the achievement of the company's initial public offering (IPO) milestone and the company's continued performance post-IPO, as well as to provide them with additional time to pursue their other business interests.
AvidXchange has expressed gratitude to Harris and Murdock for their contributions, acknowledging their instrumental roles in the company's success. The company noted that neither of their resignations resulted from any disagreements with the company on any matter related to its operations, policies, or practices.
These board changes come as AvidXchange continues to transform the way companies pay their bills, with over 8,000 buyer customers and more than 1,200,000 supplier customers over the past five years benefiting from its AP automation software and payment platform.
As AvidXchange moves forward with its new board members, the company remains focused on driving innovation and scaling its business to achieve significant growth milestones in the coming years. Following these announcements, the company's shares moved 1.8%, and are now trading at a price of $13.08. For the full picture, make sure to review AvidXchange's 8-K report.
