AvidXchange Announces Board Additions and Transitions
CHARLOTTE, N.C., March 26, 2024 (GLOBE NEWSWIRE) -- AvidXchange Holdings, Inc. (Nasdaq: AVDX), a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, today announced the appointment of two new Board members – Oni Chukwu and Arthur J. (“A.J.”) Rubado. Mr. Chukwu was elected by the Board to serve as a Class I director of the Company effective upon the resignation of Ms. Murdock. Mr. Rubado was elected by the Board to serve as Class III director of the Company effective upon the resignation of Mr. Harris. Messrs. Chukwu’s and Rubado’s terms will expire at the annual meeting of the Company’s stockholders to be held in 2025 and 2024, respectively. The appointments maintain the number of directors at nine, eight of whom are independent.
- Mr. Chukwu was elected by the Board to serve as a Class I director of the Company effective upon the resignation of Ms. Murdock.
- Mr. Rubado was elected by the Board to serve as Class III director of the Company effective upon the resignation of Mr. Harris.
- I wish them all the best,” stated Michael S. Praeger, Chairman and Chief Executive of AvidXchange Holdings, Inc.
Concurrent with the aforementioned additions, AvidXchange announced that Matthew Harris and Wendy Murdock have resigned from the Board and any committees on which they served, effective March 21, 2024. - Both joined the AvidXchange Board, prior to the Company’s IPO, in connection with the Company’s institutional capital raises.