Sanford Health CEO joins HealthEquity (NASDAQ: HQY) board, expanding it to 10
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
HealthEquity, Inc. appointed William “Bill” Gassen, president and chief executive officer of Sanford Health, to its board of directors effective March 26, 2026. His appointment increases the board size to ten directors, eight of whom are independent.
Gassen will serve on the Board’s Audit and Risk Committee and Talent, Compensation and Culture Committee
HealthEquity received $123,923 in revenue from Sanford Health for consumer-directed benefits during the fiscal year ended January 31, 2026, and expects revenue from Sanford Health in the fiscal year ending January 31, 2027 to exceed $120,000. The company furnished a press release about Gassen’s appointment as an exhibit.
Positive
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Negative
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8-K Event Classification
3 items: 5.02, 7.01, 9.01
3 items
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Board size after appointment: 10 directors
Independent directors count: 8 independent directors
Revenue from Sanford Health FY 2026: $123,923
+3 more
6 metrics
Board size after appointment
10 directors
Board expanded from nine to ten members with Gassen’s addition
Independent directors count
8 independent directors
Independence status after board expansion to ten members
Revenue from Sanford Health FY 2026
$123,923
Revenue for consumer-directed benefits in fiscal year ended January 31, 2026
Expected revenue from Sanford Health FY 2027
> $120,000
Expected revenue in fiscal year ending January 31, 2027
Accounts administered
More than 17 million accounts
HSAs and other consumer-directed benefits administered by HealthEquity and subsidiaries
Effective appointment date
March 26, 2026
Date William Gassen joined the HealthEquity board
Key Terms
Audit and Risk Committee, Talent, Compensation and Culture Committee, Non-Employee Director Compensation Policy, indemnification agreement, +2 more
6 terms
Audit and Risk Committee financial
"Mr. Gassen will serve on the Audit and Risk Committee and Talent, Compensation and Culture Committee"
Talent, Compensation and Culture Committee financial
"Mr. Gassen will serve on the Audit and Risk Committee and Talent, Compensation and Culture Committee"
Non-Employee Director Compensation Policy financial
"standard director compensation that the Company provides to its non-employee directors pursuant to the Company’s Non-Employee Director Compensation Policy"
indemnification agreement regulatory
"Mr. Gassen will also enter into the Company’s standard form of indemnification agreement"
An indemnification agreement is a contract in which one party promises to cover losses, costs, or legal claims that another party might face, acting like a tailored safety net or private insurance policy. For investors, it matters because such agreements shift potential financial risk away from a company or its officers and onto the indemnifier, which can affect a company’s future liabilities, cash flow and how risky the investment appears during deal-making or litigation.
consumer-directed benefits financial
"a leader in consumer-directed benefits (CDB), today announced that William"
Consumer-directed benefits are employee benefit programs that give individuals control over how they spend a set amount of pre-tax or employer-provided funds on health, childcare, or other eligible services — similar to giving someone a gift card they can use where they choose. Investors care because these plans change how companies budget benefits, affect employee satisfaction and turnover, and influence demand for firms that provide related accounts, software, and healthcare services.
emerging growth company regulatory
"Emerging growth company Item 5.02(b) Departure of Directors or Certain Officers"
An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||||||||
(801 ) 727-1000
(Address, including Zip Code, and Telephone Number, including Area Code, of Registrant’s Principal Executive Offices)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02(b) Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 26, 2026, the Board of Directors (the “Board”) of HealthEquity, Inc. (the “Company”) announced the appointment of William Gassen as a member of the Board, effective immediately. In connection with Mr. Gassen’s appointment to the Board, the Board expanded the size of the Board to ten members from its current nine members. Mr. Gassen will serve on the Audit and Risk Committee and Talent, Compensation and Culture Committee (the “TCCC”) of the Board.
There is no arrangement or understanding between Mr. Gassen or any other person and the Company or any of its subsidiaries pursuant to which he was appointed as a member of the Board. Mr. Gassen is the Chief Executive Officer of Sanford Health. During the fiscal year ended January 31, 2026, the Company received revenues of $123,923 from Sanford Health for providing consumer-directed benefits to its employees and expects to receive revenue from Sanford Health in the fiscal year ending January 31, 2027, in an amount that exceeds $120,000.
Mr. Gassen will receive the standard director compensation that the Company provides to its non-employee directors pursuant to the Company’s Non-Employee Director Compensation Policy (the “Policy”). Mr. Gassen will receive retainer fees and additional annual equity awards in accordance with the terms and conditions of the Policy, the form of which has been previously filed with the Securities and Exchange Commission (the “SEC”). Mr. Gassen will also enter into the Company’s standard form of indemnification agreement, the form of which has been previously filed with the SEC. The Policy and such form of indemnification agreement are incorporated by reference herein.
Item 7.01 Regulation FD Disclosure
A copy of the Company’s press release announcing the appointment of Mr. Gassen to the Board is attached hereto as Exhibit 99.1. The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished herewith and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
| Exhibit No. | Description | Form | Exhibit No. | Exhibit Filing Date | ||||||||||
| 10.1 | Form of Indemnification Agreement | S-1/A | 10.1 | July 16, 2014 | ||||||||||
| 10.2 | Non-Employee Director Compensation Policy | 10-K | 10.28 | March 17, 2026 | ||||||||||
| 99.1+ | Press release issued by HealthEquity, Inc. on March 30, 2026 | |||||||||||||
| 104 | Cover Page Interactive Data File (formatted in Inline XBRL) | |||||||||||||
+ Filed herewith
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| HEALTHEQUITY, INC. | |||||||||||
| Date: March 30, 2026 | By: | /s/ James Lucania | |||||||||
| Name: | James Lucania | ||||||||||
| Title: | Executive Vice President and Chief Financial Officer | ||||||||||
HealthEquity Appoints Sanford Health CEO Bill Gassen
to Board of Directors
DRAPER, Utah, March 30, 2026 (GLOBE NEWSWIRE) -- HealthEquity, Inc. (NASDAQ: HQY) (“HealthEquity” or the “Company”), the largest independent health savings account (HSA) custodian by account volume and a leader in consumer-directed benefits (CDB), today announced that William ‘Bill’ Gassen, president and chief executive officer of Sanford Health, has been elected to its board of directors (the “Board”) effective March 26, 2026. He will also serve on the Audit and Risk Committee and Talent, Compensation and Culture Committee of the Board. His appointment expands the Board to 10 directors, eight of whom are independent.
“Bill brings deep insight into how care is delivered, how it is financed and where consumers, providers and employers face the greatest friction in the healthcare system,” said Robert Selander, chairman of the board. “His experience leading a large, complex health system will strengthen our perspective as HealthEquity continues to expand how we help people save for and pay for healthcare.”
“Affordability in healthcare continues to be a real challenge for many families and employers, and HealthEquity serves an important role in helping people prepare for and pay for care,” said Gassen. “I’m honored to join the board and support the company’s work to help people save for healthcare and make informed decisions about their healthcare spending.”
Gassen has served as president and chief executive officer of Sanford Health since November 2020 and is an ex officio member of its board of trustees. He leads the nation’s largest rural health system. Before becoming CEO, Gassen held several senior leadership roles at Sanford Health, including chief administrative officer from January to November 2020, chief human resources officer from July 2016 to January 2020, vice president of human resources integration and corporate services from October 2014 to June 2016, and corporate counsel from February 2012 to September 2014. Before joining Sanford Health, Gassen practiced law in private practice from May 2008 to February 2012. He also serves on the board of directors of Oscar Health, Inc. (NYSE: OSCR). Gassen holds a bachelor’s degree in criminal justice from the University of South Dakota and a J.D. from the University of South Dakota Knudson School of Law.
About HealthEquity
HealthEquity and its subsidiaries administer HSAs and other consumer-directed benefits for more than 17 million accounts in partnership with employers, benefits advisors, and health and retirement plan providers who share our mission to save and improve lives by empowering healthcare consumers. For more information, visit www.healthequity.com.
Investor Relations Contact:
Richard Putnam
801-727-1209
rputnam@healthequity.com
FAQ
What board change did HealthEquity (HQY) announce in this 8-K?
HealthEquity appointed William “Bill” Gassen, CEO of Sanford Health, to its board effective March 26, 2026. His appointment expands the board to ten directors, strengthening governance depth while keeping eight directors classified as independent under applicable standards.
What committees will Bill Gassen serve on at HealthEquity (HQY)?
Bill Gassen will serve on HealthEquity’s Audit and Risk Committee and its Talent, Compensation and Culture Committee. These assignments place him at the center of the company’s financial oversight, risk management, and executive pay and culture discussions at the board level.
Does HealthEquity (HQY) have a business relationship with Sanford Health?
Yes. HealthEquity received $123,923 in revenue from Sanford Health in the fiscal year ended January 31, 2026 for consumer-directed benefits and expects revenue exceeding $120,000 in the fiscal year ending January 31, 2027 from that ongoing customer relationship.
How will Bill Gassen be compensated for serving on HealthEquity’s board?
Bill Gassen will receive standard non-employee director compensation under HealthEquity’s Non-Employee Director Compensation Policy. This includes board retainer fees and additional annual equity awards, consistent with what other non-employee directors receive for their service.
How large is HealthEquity’s board and how many directors are independent?
After Bill Gassen’s appointment, HealthEquity’s board consists of ten directors, up from nine previously. Eight of these ten directors are described as independent, reflecting the company’s emphasis on independent oversight in its governance structure.
How many accounts does HealthEquity (HQY) administer and what is its focus?
HealthEquity and its subsidiaries administer health savings accounts and other consumer-directed benefits for more than 17 million accounts. The company partners with employers, advisors, and plan providers to help people save for and pay for healthcare expenses more effectively.