AvidXchange Holdings, Inc. announced the appointment of two new Board members ? Oni Chukwu and Arthur J. Rubado. Mr. Oni 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. Both Messrs. Rubado and Chukwu bring decades of combined strategic, operational and financial expertise spanning both public and private-equity owned software and payments companies at various stages of their corporate lifecycles.

Mr. Rubado boasts a diverse skillset managing, leading, advising and investing in companies for three decades. Mr. Rubado has been Managing Partner of iDO Partners since April 2023. Prior to founding iDO Partners, Mr. Rubado served as a Managing Director, Private Equity, and Head of CDPQ U.S.Before joining CDPQ, he was a Managing Director and Operating Partner at Reservoir Capital, where he worked with portfolio company senior management and directors in healthcare, high tech and services.

Previously, he was a Director in Kohlberg Kravis Roberts & Co.?s operating executive group, KKR Capstone, where he worked in portfolio company leadership and transformation roles. Prior to KKR, he was a founding member of executive management for SmartOps Corporation, an enterprise software developer, which was acquired by SAP AG. Earlier in his career, he was a consultant at McKinsey & Company, and worked in project, risk and operations management roles for the Royal Dutch/Shell Group.

Mr. Rubado holds a B.S. in Mechanical & Aerospace Engineering with distinction from Cornell University and an M.B.A. with honors from Harvard Business School. He has previously been a board member at Allied Universal, AlixPartners, Sterling Talent, PetSmart/Chewy, Clarios, ClearTrail Real Estate, Constellation Insurance Holdings, ITI Data, MyEyeDr, TeamHealth, USI Insurance Services, and Chairman of ClearCaptions LLC. Mr. Chukwu has been appointed to serve on the Company?s Human Capital and Compensation Committee and the Company?s Risk Management Committee, and Mr. Rubado has been appointed to serve on the Company?s Audit Committee and the Company?s Nominating and Corporate Governance Committee.

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. Matthew Harris and Wendy Murdock resigned from the Board of Directors of the company at the Board meeting held on March 21, 2024. Matthew Harris served as a member of the Human Capital and Compensation Committee of the Board and as Chair of the Nominating and Corporate Governance Committee of the Board.

Wendy Murdock served as a member of the Audit Committee of the Board and the Risk Management Committee of the Board. The resignations of Mr. Harris, as a Class III director of the Company, and Ms. Murdock, as a Class I director of the Company, are not the result of any disagreement with the Company or the Board on any matter relating to the Company's operations, policies or practices. Mr. Chukwu has been appointed to serve on the Company's Human Capital and Compensation Committee and the Company's Risk Management Committee, and Mr. Rubado has been appointed to serve on the company's audit committee and the Company's Nominating and Corporate Governance Committee.

Mr. Chukwu and Mr. Rubado will both participate in the Company's non-employee director compensation program, which currently consists of an annual cash retainer, annual grant of restricted stock units, and committee fees. Mr. Chukwu currently serves on the board of directors of Invatron Systems Corp. since July 2020, Opus Agency since January 2021, and Pole Star Space Applications Limited since April 2021.

Mr. Chukwu served as Chair of the board of directors of Exago Inc. from 2016 until its sale to Insight Software in October 2021 and also served on the board of directors of Paya from April 2021 through June 2023. From 2013 to 2020, Mr. Chukwu was the Chief Executive Officer of Aventri. Mr. Chukwu also served for six months as the Executive Chairman of Aventri's board of directors following its acquisition by HGGC, LLC.

Prior to his time with Aventri, Mr. Chukwu was an Executive Vice President and the Chief Financial Officer of Triple Point Technology, an enterprise software company, from 2006 to 2013. In addition, Mr. Chukwu served as the Chief Financial Officer of Healthcare Software Synergies before it was acquired by United Healthcare, and at LexBridge Corporation, before it was acquired by PKS. Mr. Chukwu attended the University of New Haven, where he earned an MBA and received an honorary Ph.D. in Business Administration.