BILL Holdings, Inc. (NYSE:BILL) is trading higher after reaching a cooperation agreement with Starboard Value, which adds new directors and sharpens the company’s focus on profitability, efficiency, and long-term growth for its finance platform serving small and mid-sized businesses.
Under the deal, four independent directors will join the firm’s board — a move designed to strengthen governance and accelerate the company’s value creation strategy.
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The appointments come as BILL works to sharpen its execution and reach its “Rule of 40” profitability target, with an Investor Day planned for the first half of 2026 to outline its long-term roadmap.
The new directors include Natalie Derse, CFO of Gen Digital; Peter Feld, managing member and Head of Research at Starboard; Beth Johnson, former Vice Chair and Chief Experience Officer of Citizens Financial Group and Lee Kirkpatrick, former CFO at Twilio.
Feld and Kirkpatrick will assume their roles on Oct. 17, 2025, while Derse and Johnson will join following the company’s 2025 Annual Meeting of Stockholders.
The reshuffle coincides with several retirements from the existing board, including Steve Cakebread and Brian Jacobs at the 2025 Annual Meeting, as well as Steve Fisher, who stepped down earlier in October.
The board will expand to 13 members following the changes.
CEO and founder René Lacerte stated that the company is “focused on becoming a more efficient, agile organization” and views the new directors as key to advancing initiatives in AI, digital transformation, and operational excellence.
He emphasized that the firm’s goal is to drive durable growth while reinforcing its leadership in intelligent finance solutions for SMBs.
Peter Feld praised the collaboration, saying that Starboard sees “tremendous potential” in BILL’s platform and expects the partnership to boost margins and shareholder value through disciplined execution.
As part of the cooperation agreement, Starboard will withdraw its director nominations for the upcoming Annual Meeting and enter into customary standstill and voting commitments.
BILL said the whole agreement will be filed with the U.S. Securities and Exchange Commission on Form 8-K.
Price Action: BILL shares are trading higher by 2.62% to $50.45 at last check on Thursday.
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