HealthEquity Announces CFO Transition

Rhea-AI Summary

HealthEquity (NASDAQ: HQY) announced the appointment of Tyson Murdock as Executive Vice President and Deputy CFO, effective July 1, 2020, succeeding Darcy Mott as CFO on April 1, 2021. Mott, who served as CFO for 14 years, will assist in ensuring a smooth transition and will continue in an advisory role post-transition. Murdock, joining from eBay, brings 25 years of experience. Under Mott's leadership, HealthEquity's revenue grew from under $5 million to over $530 million, while increasing profitability consistently.

Positive

• Appointment of Tyson Murdock as Deputy CFO, signaling strong leadership continuity.
• Mott's leadership contributed to significant revenue growth from under $5 million to over $530 million.
• Murdock's experience enhances the financial team's capabilities and strategic direction.

Negative

• None.

DRAPER, Utah, June 26, 2020 (GLOBE NEWSWIRE) -- HealthEquity, Inc. (NASDAQ: HQY) (“HealthEquity” or the “Company”), today announced that Tyson Murdock has been appointed Executive Vice President and Deputy Chief Financial Officer, effective July 1, 2020, and will succeed Darcy Mott as Chief Financial Officer (CFO) April 1, 2021. Mr. Mott will continue in his current position as Executive Vice President and CFO through March 31, 2021 to ensure a smooth transition and completion of the fiscal year 2021 Form 10-K filing for the Company and will then transition into an advisory role to the Chief Executive Officer (CEO).

Mr. Mott will complete 14 years of service as HealthEquity’s CFO, including preparing the Company for its IPO in 2014. Under his financial leadership, HealthEquity grew from less than $5 million to more than $530 million in revenue, while consistently improving cash flow and increasing profitability year after year.

“Darcy has been an incredible partner in building HealthEquity, a leader of leaders and a passionate advocate for our mission to help working families connect health and wealth,” said Jon Kessler, President and CEO of HealthEquity. “He has built a remarkable finance team that guides our growth while keeping our financial commitments. We look forward to a smooth transition of leadership and his continued valuable insights in his advisory role.”  HealthEquity Founder and Vice Chairman Dr. Stephen Neeleman added, “Darcy both champions and personifies our purple values and culture.”

Mr. Murdock joined HealthEquity in 2018 as Senior Vice President and Corporate Controller and brings 25 years of corporate finance experience to his new role as CFO. Prior to joining HealthEquity, Mr. Murdock served as divisional CFO for eBay and Senior Manager at Ernst & Young, LLP.

“Tyson brings a proven track record of strong financial leadership,” said Mr. Kessler. “Tyson has been a key leader in the WageWorks integration process and will be integral in our success going forward.”

About HealthEquity

HealthEquity administers Health Savings Accounts (HSAs) and other consumer-directed benefits for our more than 12 million accounts in partnership with employers, benefits advisors, and health and retirement plan providers who share our mission to connect health and wealth and value our culture of remarkable “Purple” service. For more information, visit www.healthequity.com.

Forward-looking statements

This press release contains “forward-looking statements" within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our industry, business strategy, plans, goals and expectations concerning our markets and market position, product expansion, future operations, expenses and other results of operations, revenue, margins, profitability, future efficiencies, tax rates, capital expenditures, liquidity and capital resources and other financial and operating information. When used in this discussion, the words “may,” “believes,” “intends,” “seeks,” “anticipates,” “plans,” “estimates,” “expects,” “should,” “assumes,” “continues,” “could,” “will,” “future” and the negative of these or similar terms and phrases are intended to identify forward-looking statements in this press release.

Forward-looking statements reflect our current expectations regarding future events, results or outcomes. These expectations may or may not be realized. Although we believe the expectations reflected in the forward-looking statements are reasonable, we can give you no assurance these expectations will prove to be correct. Some of these expectations may be based upon assumptions, data or judgments that prove to be incorrect. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors. Although it is not possible to identify all of these risks and factors, they include, among others, risks related to the following:

• the impact of the COVID-19 pandemic on the Company, its operations and its financial results;
• our ability to realize the anticipated financial and other benefits from combining the operations of WageWorks with our business in an efficient and effective manner;
• our ability to compete effectively in a rapidly evolving healthcare and benefits administration industry;
• our dependence on the continued availability and benefits of tax-advantaged health savings accounts and other consumer-directed benefits;
• our ability to successfully identify, acquire and integrate additional portfolio purchases or acquisition targets;
• the significant competition we face and may face in the future, including from those with greater resources than us;
• our reliance on the availability and performance of our technology and communications systems;
• recent and potential future cybersecurity breaches of our technology and communications systems and other data interruptions, including resulting costs and liabilities, reputational damage and loss of business;
• the current uncertain healthcare environment, including changes in healthcare programs and expenditures and related regulations;
• our ability to comply with current and future privacy, healthcare, tax, investment advisor and other laws applicable to our business;
• our reliance on partners and third-party vendors for distribution and important services;
• our ability to develop and implement updated features for our technology and communications systems and successfully manage our growth;
• our ability to protect our brand and other intellectual property rights; and
• our reliance on our management team and key team members.

For a detailed discussion of these and other risk factors, please refer to the risks detailed in our filings with the Securities and Exchange Commission, including, without limitation, our most recent Annual Report on Form 10-K and subsequent periodic and current reports. Past performance is not necessarily indicative of future results. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

Investor Relations Contact:
Richard Putnam
801-727-1209
rputnam@healthequity.com

FAQ

Who is the new CFO of HealthEquity (HQY)?

Tyson Murdock will become the CFO of HealthEquity on April 1, 2021.

What impact did Darcy Mott have on HealthEquity's growth?

Under Darcy Mott's leadership, HealthEquity's revenue grew from less than $5 million to over $530 million.

When does Tyson Murdock officially start as Deputy CFO at HealthEquity (HQY)?

Tyson Murdock's appointment as Deputy CFO is effective July 1, 2020.

What role will Darcy Mott have after transitioning as CFO?

Darcy Mott will transition into an advisory role to the CEO after his tenure as CFO.

What experience does Tyson Murdock bring to HealthEquity (HQY)?

Tyson Murdock has 25 years of corporate finance experience, previously serving as divisional CFO for eBay.