Cornerstone Appoints Two New Members to Board of Directors

Rhea-AI Summary

Cornerstone OnDemand (NASDAQ: CSOD) announced the addition of Felicia Alvaro and Nancy Altobello to its Board of Directors, effective Dec. 16, 2020. Alvaro, the ex-CFO of Ultimate Software, brings extensive finance and leadership expertise, notably overseeing significant growth during her tenure. Altobello, formerly Global Vice Chair of Talent at Ernst & Young, adds more than 30 years of experience in audit and talent management. Their appointments come as Cornerstone integrates Saba Software, aiming to strengthen its business and drive future growth.

Positive

• Appointment of Felicia Alvaro and Nancy Altobello expected to enhance financial and leadership capabilities.
• Both new members bring extensive industry experience which could accelerate Cornerstone's growth strategy.

Negative

• Potential challenges in integration and direction may arise due to recent management changes.

Cornerstone OnDemand, Inc. (NASDAQ: CSOD), a global leader in people development solutions, today announced the appointment of two new members to its Board of Directors effective Dec. 16, 2020. Felicia Alvaro, former Chief Financial Officer and Treasurer for Ultimate Software, and Nancy Altobello, former Global Vice Chair of Talent for Ernst & Young, bring decades of finance, audit and leadership experience to Cornerstone.

Alvaro spent the past 22 years at Ultimate Software, helping the company grow from $50 million in revenue to over $1 billion. She retired earlier this year as the Executive Vice President, Chief Financial Officer and Treasurer where she oversaw the company’s accounting, finance, privacy, risk and compliance, tax, treasury and financial systems teams. During her time at Ultimate Software, she oversaw the financial aspects of the company’s largest acquisition, which took them global, and its transition from a public company to a privately held company. Prior to Ultimate Software, Alvaro spent 11 years in finance and accounting positions at Precision Response Corporation, Pueblo Xtra International and KPMG.

Altobello built her career at Ernst & Young (EY) and has over three decades of global audit and talent management experience. Most recently, she served as the Global Vice Chair of Talent, where she oversaw the company’s talent and people strategy worldwide and was a member of the EY board. Throughout her career at EY, Altobello held several senior-level positions, including Audit Partner, Americas Vice Chair of Talent and Managing Partner, Northeast Region, Audit and Advisory Practices. She is also a seasoned board member, currently sitting on the boards of Market Axess, MTS Systems, Ports America and a trustee of the Fidelity Charitable board of trustees. She was previously on the board of CA Technologies before it was acquired by Broadcom in 2018.

Comments on the news:

• “As we continue on our transformation journey, we’re pleased to have Felicia and Nancy join our distinguished board of directors,” said Elisa Steele, co-chair, Cornerstone Board of Directors. “We believe their strong expertise in finance, combined with their exceptional leadership experience, will help accelerate our drive to optimize our business and build momentum for our next phase of growth.”

• “This is a wonderful opportunity to further unlock the sheer value and power of Cornerstone with the addition of these two incredibly inspiring, smart and experienced people,” said Phil Saunders, CEO, Cornerstone. “I, along with the Cornerstone team, am fortunate to have Felicia and Nancy come aboard.”

• “It’s an honor joining the Cornerstone Board of Directors,” said Felicia Alvaro. “This is an important moment for the company following its integration of Saba Software. I look forward to contributing my experience and knowledge as Cornerstone embarks on a new chapter, and I feel confident in the strategic direction the company is heading.”

• “As a pioneer in the people development and HCM industries, I have followed Cornerstone and its leadership in the market for many years,” said Nancy Altobello. “I’m thrilled to join such an accomplished board and see this as a great opportunity to contribute my background in talent leadership and finance, as well as provide years of successful board experience."

With these two appointments, the Cornerstone Board of Directors has been expanded from 10 to 11 members, which also accounts for the recent departure of Marcus Ryu from the board, who has left with the board’s gratitude for his service to pursue a new venture.

To learn more about Cornerstone’s Board of Directors, visit: https://www.cornerstoneondemand.com/company/board-directors/.

About Cornerstone

Cornerstone is a premier people development company. We believe people can achieve anything when they have the right development and growth opportunities. We offer organizations the technology, content, expertise and specialized focus to help them realize the potential of their people. Featuring comprehensive recruiting, personalized learning, modern training content, development-driven performance management and holistic employee data management and insights, Cornerstone’s people development solutions are used by more than 6,000 customers of all sizes, spanning more than 75 million users across over 180 countries and nearly 50 languages. Learn more at https://www.cornerstoneondemand.com/.

Forward-Looking Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements relating to the benefits to the company expected from the addition of the two nominees are forward-looking statements that involve a number of uncertainties and risks. Actual results may differ materially from these statements and from actual future events or results due to a variety of factors, which are described in reports and documents the company files from time to time with the Securities and Exchange Commission, including the factors described under the section titled “Risk Factors” in the company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to the company on the date hereof. Except to the extent required by applicable law, the company disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201217005331/en/

FAQ

What is the significance of the new board members for Cornerstone OnDemand?

The new board members, Felicia Alvaro and Nancy Altobello, are expected to enhance Cornerstone's financial strategy and leadership as the company integrates Saba Software and pursues growth.

When did the new board members join Cornerstone OnDemand?

Felicia Alvaro and Nancy Altobello joined the Cornerstone OnDemand Board of Directors effective Dec. 16, 2020.

What are the professional backgrounds of the new board members at Cornerstone?

Felicia Alvaro was the CFO of Ultimate Software, while Nancy Altobello served as Global Vice Chair of Talent at Ernst & Young, both bringing extensive experience in finance and talent management.

Who left the Cornerstone OnDemand Board of Directors recently?

Marcus Ryu departed from the Cornerstone Board of Directors to pursue a new venture, leaving with the board's gratitude.